Pensions Dashboard

Joan Ryan Excerpts

Wednesday 6th February 2019 Westminster Hall

[Dr Offord]

I must have left my speech on the photocopier, because once again, I have been anticipated. My hon. Friend is absolutely right; among those aged 22 to 29, participation has increased from 35% to 79% over the same period. That is certainly something we can all be pleased about. Automatic enrolment, which was also launched in 2012, has driven that increase and created millions of new savers, with nearly 10 million eligible employees having been automatically enrolled. Since April 2018, those savers are contributing at least 5% of their eligible income into their private pension pot, inclusive of employer contribution, and next year that will rise to 8%, including employer contributions.

In addition to those young people, it is worth mentioning the number of females who are now enrolled in pension schemes. Compared with the figure for 2012, an additional 3 million women now have a workplace pension thanks to auto-enrolment. As I said before, in the 22 to 29 age group, participation in the private sector has risen from 35% in 2012 to 79% in just five years. In total, the number of people who possess a workplace pension reached a record high of 41.1 million in 2017, up nearly 50% since 2012.

I ask the Minister to tell me in his summing-up speech whether he will provide not only me, but perhaps the House of Commons Library, with the auto-enrolment figures for all constituencies across the United Kingdom. I am particularly keen to see those figures for my Hendon constituents.

In conclusion, I believe pension freedoms have given people greater choice about when and how they use their pension savings. That is truly a transformation of our savings culture. The initiative displays true Conservative values of creating opportunity, nurturing aspiration and assisting people to take responsibility for their own futures. I hope the pensions dashboard is considered by other Ministers and inspires them to take similar actions in their own Departments.

[Joan Ryan (in the Chair)]

I will just say to the Back-Bench speakers that if they take about four or possibly five minutes and manage themselves, the Opposition Front-Bench speakers will have five minutes each and the Minister will have 10, and everybody should be able to get in.