Latest figures show more people in South Thanet are saving for their retirement

South Thanet MP, Craig Mackinlay, has welcomed new figures showing that, due to changes to workplace pensions, 7000 more people in the South Thanet constituency, and over 9 million people nationally, are now saving for their retirement. 

Auto-enrolment in workplace pensions was introduced so that more workers can save for retirement and have greater financial security and independence in their retirement.

Figures released last week show that the number of workplace pension schemes has reached a record high of 41.1 million in 2017, up nearly 50 per cent in the last six years.

Craig Mackinlay MP commented:

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“By introducing automatic enrolment, we’re transforming the way people save for retirement.

“Our careful management of the economy – as well as important changes to help people save more for their retirement – means more families can plan for the long-term with the security of a pension.

“For a whole generation, workplace pension saving is now the new normal, but there’s more to do to help more people than ever before build an enjoyable and secure retirement.”

The Secretary of State for Work and Pensions, Rt Hon Esther McVey MP, said:

“Today’s figures show just how extraordinarily successful automatic enrolment has been in revolutionising pensions saving in this country, and has no sign of stopping.

“With almost 10 million more people saving in a pension through auto-enrolment, statistics are showing the total membership of workplace pension schemes is now at a record high of 41.1 million in 2017, up nearly 50 per cent in the last six years.

“Not only are millions more people moving into work, but they are putting money aside for their futures as a result of our reforms, showing we are returning to a society of savers where individuals are in control of their own money.”