Local MP Robert Largan has welcomed new figures showing that 8,000 employees in the High Peak have been automatically enrolled into a workplace pension across 1,910 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.

Overall, participation in workplace pensions has risen from 55 per cent in 2012 to 88 per cent in 2020—thanks to work that has been carried out by successive Conservative governments.

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 8 per cent of their pay.

These figures mean that total annual savings for eligible savers increased to £105.9 billion in 2020: a real terms increase of 33 per cent compared to 2012.

Robert Largan, MP for High Peak, commented:

“Strong financial security later in life is vital, and we should do everything we can to help people with this.

“I am really pleased that 10 years after its launch, the Automatic Enrolment Scheme has helped 8,000 High Peak workers save for their futures, and I welcome plans to go further by removing the lower earnings limit.

“Automatic enrolment has been transformative for thousands of employees, and particularly so for young people and women—creating a stronger savings culture for future generations.”

Minister for Pensions, Guy Opperman MP, said:

“Automatic enrolment has truly revolutionised pension saving in the UK. More than 10 million people have been enrolled into a workplace pension, with an additional £28.4 billion per year being saved since 2012.

“The retirement saving habit is sticking: the overwhelming majority of eligible employees are now enrolled in a workplace pension, and our ambitions for the future of automatic enrolment will help people save more and start saving earlier.”