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Provision for Retirement

Volume 470: debated on Monday 7 January 2008

24. To ask the Secretary of State for Work and Pensions what estimate he has made of the number of people not saving for retirement; and what steps his Department is taking in response. (175889)

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.