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Ross hails Automatic Enrolment pension boost for Moray


By Alan Beresford

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THE latest figures showing that some 8000 employees across Moray have been automatically enrolled into a workplace pension has been welcomed by the region's MP.

Moray MP and Scottish Scottish Conservative Party leader Douglas Ross: Pension scheme a "genuine game changer". Picture: Daniel Forsyth
Moray MP and Scottish Scottish Conservative Party leader Douglas Ross: Pension scheme a "genuine game changer". Picture: Daniel Forsyth

More than 10 million employees across the UK are now participating in an Automatic Enrolment workplace pension.

Moray MP and Scottish Conservative Party leader Douglas Ross said the it was a sign of the UK government delivering on its pledge to build a more inclusive savings culture.

He continued: “These figures demonstrate that the scheme has been a genuine game changer in Moray and across the UK, helping to build a stronger savings culture for future generations, and an overwhelming majority of eligible workers are now saving an asset for their future.

“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 10 years after its launch, the Automatic Enrolment scheme has helped 8000 workers here in Moray 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 here in Moray, and especially transformative for young people – creating a stronger savings culture for future generations.”

Minister for Pensions Guy Opperman: Automatic Enrolment has "truly revolutionised" pensions saving. Picture: Wikipedia
Minister for Pensions Guy Opperman: Automatic Enrolment has "truly revolutionised" pensions saving. Picture: Wikipedia

Minister for Pensions, Guy Opperman, added: “Automatic Enrolment has truly revolutionised pension saving in the UK.

"More than 10 million people have been enrolled into a workplace pension, with an additional £28.4 billion per year being saved since 2012.

“The retirement saving habit is sticking: the overwhelming majority of eligible employees are now enrolled in a workplace pension and our ambitions for the future of Automatic Enrolment will help people save more and start saving earlier.

“From expanding Automatic Enrolment and cracking down on pension scams to continuing our work to deliver revolutionary pension dashboards, we’re committed to providing savers with the support and services they need to enjoy the best retirement possible.”

Overall, participation in workplace pensions in the UK has risen from 42 per cent in 2012 to 86 per cent in 2020. Prior to the introduction of Automatic Enrolment in 2012, the number of employees participating in workplace pensions UK-wide was 10.7 million, representing just 55 per cent of those eligible. By 2020, 19.4 million employees were participating in a workplace pension, representing 88 per cent of those eligible – an increase of 33 per cent.

Employers have also played a major role in supporting Automatic Enrolment, increasing their contributions in 2019 to ensure savers put away contributions worth eight per cent of their pay.

These figures mean that total annual savings for eligible savers increased to £105.9 billion in 2020, a real-terms increase of 37 per cent compared to 2012.



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