Pensions Minister commits to helping with auto-enrolment

Following the ten-year anniversary of the introduction of auto-enrolment, the Department of Work and Pensions (DWP) has stated that “the Government intends to continue its work with thousands of employers and pension providers to further boost the amount of people in a workplace pension”. In addition, the DWP highlighted that the Government will “continue its work on empowering savers to know their pension options by introducing revolutionary services such as pensions dashboards and mid-life MOTs, providing accessibility and innovation in how people save for their retirement”. The DWP has also committed to looking at how to improve auto-enrolment by abolishing the lower earnings limit for contributions and reducing the eligible age to 18.

In response to the figures released for the ten-year anniversary of auto-enrolment, Pensions Minister Laura Trott commented in a Press Release that:

“Automatic enrolment has completely transformed how people save — with staggering results. In the ten years since its introduction, 10.7 million people have started saving for their pensions with this easy-to-use scheme. We have also seen a huge and much-needed increase in women and young people being enrolled into a pension. Automatic enrolment is doing its job — helping more people save more so they can do more in retirement.”

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The information in this article is correct as of 13/12/2022.

The information contained within this article is for guidance only and does not constitute advice which should be sought before taking any action or inaction.