Commons Sense

House of Commons · Ministers' Questions

Workplace Pensions

Monday 9 March 2020 · 1 question

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 1 Partly answered 0 Not answered 0

Key points

  • Workplace pension participation rates have more than doubled since 2012, rising from 42% to 85%.
  • Automatic increases are not part of the Government's current plans.
  • The Government monitors private sector initiatives for automatic increases.

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Questions & Answers

Q1 Harriett Baldwin Con West Worcestershire
Benefits & Welfare
Context

Since the introduction of automatic enrolment under the coalition Government in 2012, workplace pension participation rates have more than doubled. However, concerns remain about adequacy of savings for retirement.

Question

What recent assessment has been made of trends in the number of people contributing to a workplace pension? Many argue that despite success, individuals are still not saving enough for a comfortable retirement. Does the Minister plan to use other nudge techniques, such as automatic uplifts whenever a person gets a pay rise, to encourage saving for old age?

Answer from Guy Opperman (Parliamentary Under-Secretary of State for Work and Pensions)

Workplace pension participation rates have more than doubled since 2012, rising from 42% to 85%. While automatic increases are not part of the Government's current plans, we monitor private sector initiatives. We welcome cross-party talks on pensions policy and will await the implementation of the 2017 review.

Answered
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