Oral Answers to Questions Debate
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Bim Afolami
Main Page: Bim Afolami (Conservative - Hitchin and Harpenden)Department Debates - View all Bim Afolami's debates with the Department for Work and Pensions
(1 year, 1 month ago)
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Mel Stride
The right hon. Gentleman has raised an important point. I take the uprating process extremely seriously, and, as he will know, I look at a number of factors, including the effects on poverty. However, as he will also understand, I am not able to comment on a parliamentary process that has not yet been concluded.
Bim Afolami (Hitchin and Harpenden) (Con)
May I ask a question about auto-enrolment and pensions? What can the Secretary of State do to build on our good record by extending and increasing the total amount that young people—I see that there are schoolchildren in the Public Gallery—who retire on defined-contribution pensions are likely to be able to save in their retirement?
Guy Opperman
There are two key points here. Consolidation will make a massive difference, but more important is the transformation of workplace savings through auto-enrolment for young people. The figure has risen from below 40% to well over 80%, and it will get bigger as time moves on.