Oral Answers to Questions Debate
Full Debate: Read Full DebateDepartment: Department for Work and Pensions
Nick Smith
Main Page: Nick Smith (Labour - Blaenau Gwent and Rhymney)Department Debates - View all Nick Smith's debates with the Department for Work and Pensions
(4 years, 8 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Guy Opperman
As a formerly very fat, self-employed jockey and a self-employed white-collar barrister, I fully appreciate the issues concerned. I agree with my right hon. Friend that these are issues we have to address. He will be aware that we are trialling self-employment matters on an ongoing basis with the National Employment Savings Trust and a variety of private sector organisations. We welcome unions and other organisations that wish to be part of that, and it is front and centre of what we are trying to do.
Nick Smith (Blaenau Gwent) (Lab)
Too many young people do not save for their pensions, so how can the Minister ensure that young workers are better represented in workplace pension schemes?
Guy Opperman
The statistics are actually getting better by the minute. In 2012, only 35% of young people aged between 22 and 29 saved into a workplace pension. Now 85% of 22 to 29-year-olds save, but there is more we can do, including for the self-employed. The 8% that is being saved has made a transformational difference, and the opt-out rate among the young is the lowest of all the cohorts.