11,000 local people now saving towards retirement thanks to auto-enrolment in pensions

11,000 people across Faversham and Mid Kent are now saving towards their retirement, new figures show, as a result of the Government’s auto enrolment scheme.

Employers must enrol staff aged 22 and over who earn more than £10,000 into a pension.

Figures from the Pensions Regulator show 1,420 businesses in the constituency have enrolled in the scheme since it started in 2012, meaning 11,000 workers are benefitting.

I'm pleased that local businesses are showing how committed they are to helping their employees save for the future, and it's great to see so many local businesses get on board.

Nationally as of January, more than 1.032 million employers were signed up with 9.3 million employees registered in the scheme.

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.

“Government is committed to helping save for the future.”