Gareth has welcomed new figures that show 10,000 workers in Grantham and Stamford have been automatically enrolled into a workplace pension – delivering on the Conservative Government’s priority to build a more inclusive savings culture. 

Overall, participation in workplace pensions has risen from 42 per cent in 2012 to 86 per cent in 2020 – thanks to work that has been carried out by successive Conservative governments. 

Prior to the introduction of Automatic Enrolment in 2012, the number of employees participating in workplace pensions 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 – 2,240 of which are based in Grantham and Stamford – have also played a major role in supporting Automatic Enrolment, increasing their contributions in 2019 to ensure savers put away contributions worth 8% 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.

Thanks to Automatic Enrolment, an overwhelming majority of eligible workers are now saving an asset for their future.

Gareth has advocated for the extension of this successful policy to young workers aged 18-21. Most recently, he set out this case in Parliament during a Westminster Hall debate.