22,000 York residents assisted by 10 years of pension automatic enrolment
February 14, 2022
Julian has welcomed new statistics showing 22,000 people across the city have gained the financial security of a workplace pension in the ten years since automatic pension enrolment was introduced by the Conservative-led Coalition government.
This is part of a huge nationwide increase in pension coverage as a result of this policy, with participation in workplace pensions more than doubling from 42% to 86% during 2012-2020.
As a result, the number of people saving for retirement in this way has risen massively from 10.7 million to nearly 20 million, and has advanced financial inclusion by drawing in groups proportionally less advantaged by occupational pensions in the past, like women and younger employees.
Julian said: “Having supported this farsighted policy when it was introduced by the government a full decade ago, I am very glad to see it delivering such significant concrete benefits for York residents.
Thousands more households in our city can now enjoy the financial support and peace of mind that comes with a workplace pension, and can look to retirement with greater confidence.
Measures like this are vital to ensure the economy delivers for everyone, and hard work has its reward. I will continue to monitor this area, and push for any necessary changes to maintain local prosperity and financial security for York residents.”
