Workplace Pensions: Young People
The question
To ask the Secretary of State for Work and Pensions, what estimate her Department has made of the proportion of young people who have been auto-enrolled in a pension since October 2012; and what their median expected annual pension payments will be.
Answered by Torsten Bell
Automatic enrolment has succeeded in transforming pension saving with over 11 million employees having been automatically enrolled into a workplace pension since 2012. These statistics are available from The Pensions Regulator and are updated on a monthly basis. However, this is not split by age
Automatic enrolment declaration of compliance report.
DWP publish statistics annually on pension participation by age. The latest statistics show 86% of 22-to-29-year-olds who are eligible for Automatic Enrolment are saving into a workplace pension as of 2023, up from 35% in 2012 (when AE was being rolled out). This is comparable to a participation rate of 88% for all eligible individuals aged (22 to 66). Further data on workplace pension participation and saving trends are available on GOV.UK.
Future pension income depends on many individuals factors across an individual’s life time, further analysis on future pensioner incomes by year of retirement are available on GOV.UK.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →