18 December 2018

DWP evaluation of automatic enrolment offers ‘rare good news’ on pensions

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Steve Webb - Director of Policy

Steve Webb

Director of Policy, Royal London

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Commenting on the publication today of DWP’s 2018 evaluation of Automatic Enrolment, Steve Webb, Director of Policy at Royal London said:

“With so much doom and gloom about pensions, this report offers a rare glimmer of hope.   The amount of money going in to pensions through automatic enrolment is up over £4 billion in a year and the April 2018 step-up in contribution rates has done nothing to put people off pension saving.  Even where people opt out, over half a million have now been automatically ‘re-enrolled’ which will reinforce the message that saving in a pension is the normal thing to do when you have a job”.

- ENDS -

For further information please contact:

Steve Webb, Director of Policy, Royal London

About Royal London:

Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June 2018.