Adam Afriyie, the MP for Windsor, has welcomed new figures showing how automatic enrolment has helped more than 9m employees save for their family’s future.
These changes have strong support amongst both British employers and employees. An incredible 83% of workers reported that saving through a workplace pension is a normal thing to do and an astonishing 98% of all UK businesses are finding automatic enrolment ‘necessary’, ‘sensible’ and ‘easier to implement than first expected’.
The most significant increases in savings have been amongst low earners, younger people and women. In Windsor 29,000 eligible jobholders have been automatically enrolled and 2,050 employers have declared compliance with automatic enrolment.
The MP for the Windsor constituency, Adam Afriyie welcomed the figures:
“Saving for the future is all about being in control of your future. So it’s great that the Conservative Government has led the world in providing a conducive environment for savings which includes the Innovative Finance ISA, the Lifetime ISA and Help to Buy ISA.
“Automatic enrolment is creating a culture shift in savings. With 4 in 5 workers now saving while working, saving is becoming ‘the new normal’.
“Conservatives are helping more people than ever to have greater financial security for them and their family when they retire with tax cuts worth £1,000 and auto-enrolment pension reforms.”
Note to editors
1. Adam Afriyie is the Prime Minister’s Trade Envoy to Ghana.
2. He has a strong background in science, technology and innovation.
4. He was shadow Minister for Science from 2007-2010 and has a background in the information services and technology sector.
5. To find out more about the information and statistics used in this press release please click here.