Workplace savings welcomed by MP for North East Beds

MP Alistair Burt has welcomed figures showing that, due to changes to workplace pensions, over 9 million more people are now saving for retirement. These figures also show that 87,140 more people in work in the East of England are now saving for a life after work.

Auto-enrolment was introduced in 2012 so that more workers can save for retirement and workplace pension participation has since increased from 55 per cent to 78 per cent.

The latest research shows that workplace pensions have become the ‘new normal’,

and small businesses found a pension scheme for their workers to be ‘necessary’ and

‘sensible’.

Mr Burt said: “By introducing automatic enrolment, we have transformed the way people save for retirement. That means that more families can plan for the long-term with the security of a pension.

“For a whole generation, workplace pension saving is now the new normal, and I

particularly welcome the latest reforms which extend coverage to 18 year olds. This

will enable more people to save while they are working, so that they can enjoy

greater financial security when they retire.”