Housing: Pensions and Deposits

Baroness Thomas of Winchester Excerpts

Wednesday 5th June 2019 Lords Chamber

[Baroness Buscombe]

I entirely agree with the noble Lord that we must think carefully about how we encourage and support people to save for the long term and their retirement. That is why we are so pleased about the success of auto-enrolment. Our priority remains establishing long-term savings behaviour, so that people are enabled to save for greater security. Automatic enrolment has already reversed the decline in workplace pension savings seen in the decade prior to its introduction, and the number of first-time home buyers is at its highest level for 11 years.

[Baroness Thomas of Winchester (LD)]

My Lords, could the Minister clarify whether the average 35 year-old has put £35,000 into a pension pot, or whether the figure is much lower, as statistics showed a few years ago? It is very good news that we are not going to risk young people completely emptying their pension pots in a desperate attempt to get on to the housing ladder. Of course, this is another reason why more affordable housing is desperately needed.