Local MP Douglas Ross has welcomed new figures showing that 8000 employees across Moray have been automatically enrolled into a workplace pension.
More than 10 million employees across the UK are now participating in an automatic enrolment workplace pension meaning there are a record-breaking number of pension savers - delivering on the UK Government’s priority to build a more inclusive savings culture.
Commenting, Douglas said: “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 ten 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, said:
“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.”