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Debate between Bim Afolami and Guy Opperman
Monday 13th November 2023
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(1 year, 1 month ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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.