DWP estimates suggest that approximately 7,000,000 people are currently not saving enough to meet their retirement aspirations.
The Pensions Bill, having its Second Reading today, would introduce a requirement on all employers to automatically enrol workers who are eligible into a qualifying workplace pension scheme and to contribute to that scheme. Our estimates indicate this would result in between 6,000,000 and 9,000,000 people newly participating or saving more in workplace pensions.