Oral Answers to Questions

Bob Blackman Excerpts

Monday 20th February 2017 Commons Chamber

[Damian Green]

I am happy to listen to the right hon. Gentleman’s latter point. One purpose of the northern powerhouse and, indeed—more widely—of the Government’s consultation on the industrial strategy is to ensure that the success of the economy is spread to all regions of the country. I am more than happy to talk to the right hon. Gentleman about any specific points he wants to make on his region.

[Bob Blackman (Harrow East) (Con)]

4. What assessment his Department has made of recent trends in the number of people saving into a pension scheme as a result of auto-enrolment.

[Royston Smith (Southampton, Itchen) (Con)]

6. What assessment his Department has made of recent trends in the number of people saving into a pension scheme as a result of auto-enrolment.

[The Secretary of State for Work and Pensions (Damian Green)]

Almost 7.3 million eligible workers have been enrolled into a workplace pension because of automatic enrolment. This is an unseen revolution; the way people are now saving will lead to more freedom, more choice and more security for the pensioners of tomorrow.

[Bob Blackman]

Does the Secretary of State agree that it is quite clear that many people who would otherwise not save into a private pension will now have a pension for their futures, and that young people, who often do not save for a pension now, will have a secure future in retirement?

[Damian Green]

I agree with my hon. Friend, particularly on his point about young people. The Institute for Fiscal Studies has done some research showing that participation in auto-enrolment among those aged 22 to 29 increased from 28% in 2012 to 85% in 2016. That is a very impressive improvement.