MP welcomes rise in employees saving for retirement in Nuneaton

Nuneaton's MP has highlighted new statistics showing that 9,000 employees across his constituency have been automatically enrolled into a workplace pension - with 2,960 employers.

Marcus Jones has welcomed the figures for Nuneaton, Arley and Hartshill which echo the national picture, where participation in workplace pensions has risen from 42 per cent in 2012 to 86 per cent in 2020.

Before the introduction of automatic enrolment in 2012, the number of employees in workplace pensions was 10.7 million, 55 per cent of those eligible. By 2020, 19.4 million employees had a workplace pension, representing 88 per cent of those eligible.

Employers have also played a key role in supporting the scheme, increasing their contributions in 2019.

The total annual savings for eligible savers increased to £105.9 billion in 2020, a real terms increase of 37 per cent compared with 2012.

Mr Jones said: “We know that strong financial security later in life is vital and we should do everything we can to help people with this.

"That is why I am delighted that ten years after its launch, the automatic enrolment scheme has helped 9,000 workers in Nuneaton, Arley and Hartshill to save for their futures by getting more people enrolled into pension schemes to take control of their future finances, and I am pleased that there are plans to go further by removing the lower earning limit.

"Automatic enrolment has been transformative for thousands of employees, and especially transformative for young people and women – creating a stronger savings culture for future generations.”