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Pensions

Volume 507: debated on Tuesday 16 March 2010

To ask the Secretary of State for Work and Pensions what her most recent estimate is of the number of people who have not made sufficient savings for their retirement; and what such estimates her Department has made in the last three years. (321496)

[holding answer 10 March 2010]: The Department for Work and Pensions estimates that, based on Pension Commission benchmark replacement rates, about seven million people are not saving sufficiently for their retirement. It is precisely to address this issue that the Government have legislated to establish NEST, the National Employment Savings Trust, and introduce automatic enrolment into a workplace pension with a guaranteed contribution from the employer and the Government from 2012

This estimate was published in the May 2006 White Paper, ‘Security in Retirement: Towards a New Pension System’. No further updates of this figure have been made in the last three years by DWP.