Pensions: Young People

(asked on 13th June 2018) - View Source

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what recent estimate she has made of the number of young people who are saving for a pension.


Answered by
Guy Opperman Portrait
Guy Opperman
Parliamentary Under-Secretary (Department for Transport)
This question was answered on 19th June 2018

Following the introduction of automatic enrolment into workplace pensions, the latest DWP statistics estimated that in 2017 over 3.2 million workers aged 22-29, which represents 79 per cent of all eligible workers in this age group, were saving into a workplace pension. This was a 385,000 increase on the numbers of eligible workers saving in 2016

Automatic enrolment has seen more than 9.7 million workers enrolled into pension saving and nearly 1.3 million employers meeting their duties to date.

Our December 2017 review of automatic enrolment: Maintaining the Momentum recognised the importance of making pension saving the norm for young people. We set out our ambition to lower the age threshold for automatic enrolment from 22 to 18; enabling more young people to benefit from pension saving at an earlier age.

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