Torbay’s MP Kevin Foster has welcomed new figures showing 7,000 employees across Torquay and Paignton have been automatically enrolled into a workplace pension with 2,000 employers.
More than 10 million employees are now participating in an automatic enrolment workplace pension – meaning there are a record breaking number of pension savers.
Today’s figures show the Conservative Government’s Automatic Enrolment scheme has been a genuine game changer – building a stronger savings culture for future generations.
Torbay’s MP Kevin Foster has welcomed new figures which show 7,000 employees in Torquay and Paignton have been automatically enrolled into a workplace pension delivering on the Conservative Government’s priority to build a more inclusive savings culture.
Overall, participation in workplace pensions has risen from 42 per cent in 2012 to 86 per cent in 2020.
Prior to the introduction of Automatic Enrolment in 2012, the number of employees participating in workplace pensions was 10.7 million, representing just 55 per cent of those eligible. By 2020, 19.4 million employees were participating in a workplace pension, representing 88 per cent of those eligible – an increase of 33 per cent.
Employers have also played a major role in supporting Automatic Enrolment, increasing their contributions in 2019 to ensure savers put away contributions worth 8% of their pay.
These figures mean total annual savings for eligible savers increased to £105.9 billion in 2020, a real-terms increase of 37 per cent compared to 2012.
Kevin Foster MP said:
“The introduction of auto-enrolment has transformed the situation with workplace pensions, ensuring more workers are being supported to build up a nest egg for their retirement. This is not just about numbers, but ensuring many more people can enjoy the best retirement possible.”
