Pensions

Department for Work and Pensions written question – answered at on 9 May 2024.

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Photo of Mark Menzies Mark Menzies Independent, Fylde

To ask the Secretary of State for Work and Pensions, what steps his Department is taking to help support people to save for a private pension.

Photo of Paul Maynard Paul Maynard The Parliamentary Under-Secretary of State for Work and Pensions

Automatic Enrolment (AE) has transformed participation in workplace pension saving. More than 11 million workers have been automatically enrolled into workplace pensions to date, with the participation rate of eligible employees in the private sector increasing from 42% in 2012 to 86% in 2022. Over £115bn was saved into workplace pensions for eligible individuals in 2022.

Expanding AE to younger people and helping all eligible workers save from the first pound of earnings will boost overall saving levels, once fully implemented, by an extra £2 billion a year in pension contributions.

The Pensions (Extension of Automatic Enrolment) Act 2023 provides the necessary powers to deliver the expansion of AE.

We are committed to implementing these measures in the mid-2020s. We intend to carry out a consultation on the detailed implementation at the right time. We will report to Parliament before using the powers in the Act.

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