11 Nov 2022
Data published by the Department for Work and Pensions (DWP) has revealed that since pensions automatic enrolment was implemented ten years ago, workers have saved more than £114 billion into their pension pots.
The data showed that more than 10.7 million employees were paying into a workplace pension in 2021. The proportion of young people saving into a pension has more than doubled since the introduction of pensions auto-enrolment in 2012, according to the statistics.
The DWP said that the government intends to explore how auto-enrolment can 'go even further to help more people save more, sooner' by abolishing the Lower Earnings Limit for pension contributions and reducing the eligible age to 18.
Laura Trott, Minister for Pensions, said: '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.'