MP welcomes boost in people saving for the future with auto-enrolment scheme
Local MP Douglas Ross has welcomed new statistics which show that 8000 people across Moray are now saving towards their retirement thanks to the Government’s auto enrolment scheme.
Employers must enrol staff aged 22 and over who earn more than £10,000 into a pension. Figures from the Pensions Regulator show 1300 businesses in Moray have enrolled in the scheme since it started in 2012, meaning 8000 workers are benefitting.
Commenting, Douglas said: “Local businesses are showing how committed they are to helping their employees save for the future and I’m delighted to see so many businesses on board. Moray business owners are supporting the drive to change the way people save and plan for their future.”
He added: “Nationally, as of January, more than 1.032 million employers were signed up with 9.3 million employees registered in the scheme and this can only be beneficial.”
Douglas echoed comments made by the Work and Pensions Secretary Esther McVey who said: “Saving at a young age for pensions is vital and that is why I believe the automatic enrolment will change the way future generations think. It will become the norm for people to put away money for later in life.
“We have made great success with this scheme but I know we need to go further and that is why we are going to lower the age for automatic enrolment to 18 which will benefit another 900,000 people across the country.
Douglas commented: “This shows very clearly that the Conservative Government is committed to helping people save for the future. I would like to thank businesses in Moray for getting on board with this and supporting their employees.”