The Government has rebuilt the UK’s savings culture. For an entire generation, workplace pension saving is the new normal. Their mission now is to make sure the next generation of younger workers have the same opportunities.
· Is committed to enabling more people to save while they are working, so that they can enjoy greater financial security when they retire.
· Know the world of work is changing, so it is only right that pension saving does too. Reforms will see more people than ever before helped onto the path towards building a secure retirement. Since its launch in 2012, 9.3 million people now enrolled in a workplace pension, and a large number of new savers are under the age of 30.
· DWP research recently found that workplace pensions have become ‘the new normal’, revealing that small and micro employers – which represent 98 per cent of all UK businesses – are finding automatic enrolment ‘necessary’, ‘sensible’ and ‘easier to implement than first expected’.
· Reforming auto-enrolment to cover more young people. Extending coverage from 22 year olds to 18 year olds, calculating pension contributions from the pound earned, rather than from a lower earnings limit and testing how to support saving among the self-employed.
Over 11,000 more people are now saving into a pension in my constituency. That means they will have greater financial security in their retirement. This is welcome news.