Epping Forest MP Dame Eleanor Laing has welcomed new figures which show that 13,000 employees across the constituency have been automatically enrolled into a workplace pension with 2,730 employers.
Overall, participation in workplace pensions has risen from 42 per cent in 2012 to 86 per cent in 2020 - thanks to work carried out by successive Conservative governments.
Prior to the introduction of Automatic Enrolment in 2012, the number of employees participating in workplace pensions was 10.7m, representing just 55 per cent of those eligible.
By 2020, 19.4m employees were participating in a workplace pension, representing 88 per cent of those eligible - an increase of 33 per cent.
Employers have also played a major role in supporting Automatic Enrolment, increasing their contributions in 2019 to ensure savers put away contributions worth 8 per cent of their pay.
These figures mean total annual savings for eligible savers increased to £105.9 billion in 2020, a real-terms increase of 37 per cent compared to 2012.
Thanks to Automatic Enrolment, an overwhelming majority of eligible workers are now saving an asset for their future.
Dame Eleanor said: "We know that strong financial security later in life is vital and we should do everything we can to help people with this.
"That is why I am delighted that ten years after its launch, the Automatic Enrolment scheme has helped 13,000 workers in Epping Forest to save for their futures by getting more people enrolled into pension schemes to take control of their future finances, and I am pleased that there are plans to go further by removing the lower earning limit.
"Automatic Enrolment has been transformative for thousands of employees, and especially transformative for young people and women - creating a stronger savings culture for future generations.”
