Pensions - Articles - A ringing endorsement of the ongoing success of AE


In response to workplace pension participation and savings data published by the Department for Work and Pensions which showed that the workplace pension participation rate of eligible employees in Great Britain was at 88% (20.8 million) in 2023, the same level as 2022, Lizzy Holliday, Director of Public Affairs and Policy at NOW: Pensions, comments:

 The figures are a ringing endorsement of the ongoing success of Automatic Enrolment despite the backdrop of a challenging economic environment. The greater volatility of ‘opt out’ for new savers remains relatively low – and although we don’t want to make too many assumptions, this is encouraging in a period of higher cost of living and pressure on personal finances.
 
 “The success of AE is undeniable in supporting people into pension saving. The progress achieved so far, and figures published today provide a robust platform to consider the next steps for evolving the policy. We must now look at how to ensure those who are not currently eligible are supported by AE, that the disparity between gender and ethnicity groups is addressed, and that the focus is switched to the adequacy challenge.
 
 “The future of AE is a project that cannot be rushed - but neither can it be delayed. Otherwise, we risk missing a prime opportunity to support millions to achieve a good retirement outcome, and to secure confidence in saving for the years to come.
 
 “We welcome the Government’s announcement of a full pensions review, which will include exploring adequacy. We believe the collaborative development of a roadmap for evolving AE must be at the core of this, to give businesses and savers clarity for the future, and better outcomes.”
   

Back to Index


Similar News to this Story

The importance of pensions to the economy
Commenting on the Chancellor’s Mansion House speech last night, Hannah English, Head of DC Corporate Consulting says: “While last night’s speech was u
Comment ahead of Pensions Review on Adequacy
The long-awaited Pensions Review on adequacy is expected to be launched before Parliament rises for Summer Recess next Tuesday, 22 July 2025, accordin
Sole trustees are now almost half of all PIT appointments
42% of Professional Trustee appointments to DB Pensions Schemes were sole trustees by March 2025, an increase from 37% in 2024 according to the latest

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.