Michael Fabricant says “Figures just released from the Pensions Regulator show 1,410 businesses in the Lichfield constituency, which includes Burntwood, have enrolled in the scheme since it started in 2012, and 17,000 workers are benefitting. Employers must now enrol staff aged 22 and over who earn more than £10,000 into a pension.
“Local businesses are showing how committed they are to helping their employees save for a future and I am delighted to see so many firms on board. I want to thank business owners for supporting the Government’s drive to change the way people save and plan for their future.
“The latest data shows that as of January, more than 1.032 million employers were signed up with 9.3 million employees registered in the scheme across the UK.”
Work and Pensions Secretary Esther McVey said: “Saving at a young age for pensions is vital and that is why I believe the automatic enrolment will change the way future generations think. It will become the norm for people to put away money for later in life.
“We have made great success with this scheme but I know we need to go further and that is why we are going to lower the age for automatic enrolment to 18 which will benefit another 900,000 people across the country.”
Michael adds “I also understand that the Department for Work and Pensions are exploring different solutions with experts for the many self-employed people who have different income and saving needs.”