Oral Answers to Questions

Debate between Lord Randall of Uxbridge and Steve Webb

Monday 18th November 2013 Commons Chamber

[Sir John Randall (Uxbridge and South Ruislip) (Con)]

T6. We have heard about the excessive amounts being charged on pensions and annuities. Does my hon. Friend the pensions Minister agree that it is important for us to re-establish a real savings culture, and will he tell us what else he can do?

[Steve Webb]

I do agree with my right hon. Friend. We are establishing an economy that is based on savings rather than debt, and one of the most important measures that we are implementing is automatic enrolment in workplace pensions. By Christmas, about 2 million workers will have been enrolled. Nine out of 10 people are choosing to stay in workplace pensions, and it is encouraging to note that—notwithstanding what sceptics have said—young people are particularly likely to do so, thus establishing a culture of saving from an early age.