Workplace Pensions 2020-03-09
2020-03-09
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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.
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?
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.
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