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780661
star this property registered interest false more like this
unstar this property date less than 2017-10-30more like thismore than 2017-10-30
star this property answering body
Department for Work and Pensions remove filter
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
unstar this property hansard heading Occupational Pensions: Scotland more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Work and Pensions, what assessment he has made of the economic effect on Scotland of the increase in statutory minimum employee pension contributions in 2018 and 2019; and what estimate he has made of the number of people in Scotland who will be affected by those changes. more like this
star this property tabling member constituency Aberdeen South more like this
star this property tabling member printed
Ross Thomson more like this
star this property uin 110359 remove filter
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2017-11-02more like thismore than 2017-11-02
star this property answer text <p>Automatic enrolment was designed to increase the number of people saving for their retirement, and has been a great success to date. By the end of September 2017, over 8.7 million people had been automatically enrolled into a workplace pension – this included 523,000 people in Scotland</p><p> </p><p>We do want to encourage people to save more than the minimum, but we need to balance this with the fact that many people are not saving anything and contributing to a pension will be new to them. We also recognise that employers needed time to adjust so as to implement the reforms, and to help manage their costs. As such, our focus is on increasing the number of people saving and increasing contributions gradually over the next two years. For an individual, these are currently at 1 per cent, rising to 3 per cent in April 2018 and 5 per cent in April 2019</p><p> </p><p>We are currently undertaking a review of the policy and operation of automatic enrolment. This includes looking at the existing coverage of the policy; strengthening the evidence base concerning future contributions and how to improve individuals’ engagement with workplace pension saving so as to maximise saving for their retirement. The review work is led by a DWP team and supported by an external advisory group. We will report to Parliament by the end of 2017.</p>
star this property answering member constituency Hexham more like this
star this property answering member printed Guy Opperman more like this
star this property question first answered
less than 2017-11-02T12:23:48.693Zmore like thismore than 2017-11-02T12:23:48.693Z
star this property answering member
4142
star this property label Biography information for Guy Opperman more like this
unstar this property tabling member
4599
unstar this property label Biography information for Ross Thomson remove filter