Alistair Burt welcomes latest figures showing more people are saving for their retirement

New figures show that, due to changes to workplace pensions, over 9 million more people in the UK are now saving for retirement.

Auto-enrolment was introduced so that more workers can save for retirement, giving people greater financial security and independence in their retirement.

Figures released recently show that the number of workplace pension schemes has reached a record high of 41.1 million in 2017, up nearly 50 per cent in the last six years.

Alistair said:

“By introducing automatic enrolment, we’re transforming the way people save for retirement.

Through careful management of the economy, as well as important changes to help people save more for their retirement, more families can plan for the long-term with the security of a pension.  I am delighted that 11,000 more people are now enrolled in a workplace pension in NE Bedfordshire.

It is particularly good to hear that workplace pension participation has increased the most amongst young people, women and lower earners, ensuring we return to a society of savers where individuals are in control of their own money.”