Work and Pensions written question – answered at on 28 March 2011.
To ask the Secretary of State for Work and Pensions what recent steps his Department has taken to encourage people to pay into pension schemes.
Our key measure to reinvigorate private pension saving is the workplace pension reforms-automatic enrolment into a workplace pension for employees, compulsory employer contributions and establishment of the National Employment Savings Trust (NEST).
Starting from October 2012 all employers will be required to automatically enrol their eligible workers into a qualifying pension scheme. We estimate that the reforms should lead to 5 to 8 million people newly saving or saving more for their retirement.
In addition the Government are exploring how pension saving might be made more attractive to people. For example, we are removing the requirement to annuitise at age 75 as part of the Finance Bill 2011, and we are continuing to consider options for improving take-up of the open market option for annuities.
We are also engaging in debates across the broader pensions community, and welcome initiatives such as the National Association of Pension Funds' Workplace Retirement Income Commission, which aims to develop consensus on how to improve and strengthen retirement savings.
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