North Swindon MP Justin Tomlinson has joined Guy Opperman, the Minister for Pensions and Financial Inclusion, in a visit to Zurich’s Swindon offices.
As a major employer in Swindon, the visit was an opportunity for Zurich to update both the Minister and Justin on their work within the rapidly changing pensions field.
During the visit, Justin & the Minister set out the work the Government is doing to improve access to pensions for employees. As part of the commitment to deliver a sustainable pension system which helps employees save for their retirement, the Conservative government introduced auto-enrolment workplace pensions in 2012 alongside other changes to pension system.
Since its launch in 2012, 9.3 million people have enrolled in a workplace pension, and a large number of the new savers are under the age of 30. The increase in people saving means that percentage of people saving for retirement is now at an all-time high of almost 80%. The reforms have been assisted by the one million employers who have registered staff in a scheme.
In Swindon, more than 35,000 more people have a workplace pension following the introduction of auto-enrolment – delivering a sustainable, long-term way to save for their family’s future.
Justin Tomlinson MP said: “As a member of the Work & Pensions Select Committee this was a fascinating meeting discussing the changing pensions market, focusing on how innovative technologies are increasingly being used to boost engagement with the Pensions industry. It was great to see Zurich pro-actively helping to shape what further can be done in encouraging residents to understand the importance of their own future pensions provision.”