Justin Tomlinson MP has welcomed today’s newly released figures that show the number of people saving into workplace pensions continues to rise and has increased by 4.4 million since 2012.
With millions of people across the country and thousands in Swindon set up in a workplace pension, local-residents who are starting out on their working career will be able to benefit from years of saving. This will give them greater financial security in their retirement.
Launched in 2012 and planned to be fully rolled out by 2018, the policy has stopped the decline in pension savings that has been observed over the past 10 years.
Justin Tomlinson MP said: “I very much agree with the Pensions Minister Richard Harrington MP when he recently said that automatic enrolment is playing a key role in shaping the retirement landscape for generations to come.”
In 2015, the annual total amount being saved by employees was £81.8 billion, an increase of £1.4 billion from 2014 and a further £7.1 billion since 2012. The latest analysis estimates there will be an extra £17 billion of workplace pension saving per year because of automatic enrolment by 2019/20.
The new report is the third edition of DWP’s annual official statistics on workplace pension participation and saving trends of employees eligible for automatic enrolment. You can look at a copy of the statistics by visiting http://sn254an.uk/2gYJRf2
