Transforming the way people save for retirement

In recent years, the way many people save for retirement has been transformed through the Government’s automatic enrolment policy.

Since its launch in 2012, almost 10 million people have been enrolled into a workplace pension, with a large number of new savers under the age of 30.

Some 48,000 more people in Crawley are now enrolled in a workplace pension.

For a whole generation, workplace pension saving is now the new normal, but there is more to do to help more people than ever before in Crawley and across the country build an enjoyable and secure retirement.

The main beneficiaries from auto-enrolment are younger people aged 20 to 29, women, and those who earn the least in the workplace. Workplace pension participation in the public and private sectors has increased from a low of 55 per cent in 2012 to 78 per cent in 2016.

It is great that workplace pensions are now seen as normal. Small and micro employers, which represent 98 per cent of all UK businesses, are finding automatic enrolment ‘necessary’, ‘sensible’ and ‘easier to implement than first expected’.

More than four in five of today’s workers now regard saving via a workplace pension as the normal thing to do if you are in paid work, meaning we are on the way to becoming a society of savers where people are in control of their own money.

Such progress highlights the success of auto-enrolment in revolutionising pensions saving in our country, but there is more to do to ensure even greater provision.

We can also be proud of the fact that B&CE The People’s Pension in Manor Royal is leading the way in provision of auto-enrolment.

The People’s Pension are contributing further to our community, through their sponsorship of Crawley Town FC and support for the club’s Shirts for Schools initiative. This sees 1,000 home shirts being given to reception class pupils in more than 25 local schools.

Henry Smith MP