Local MP Julian Knight has welcomed the news that 9,000 people in Solihull are now saving for their retirement thanks to the Government’s new auto-enrolment scheme.
Under the rules, employers must sign up for a pension any employee aged over 22 and who earns more than £10,000 a year. New figures from the Pensions Regulator reveal that 1,190 local businesses are taking part.
Across the whole of the UK, there were as of January more than a million employees signed up to auto-enrolment and over 9.3 million workers benefiting from the scheme.
Commenting on news, Julian Knight said:
“I want to thank all the local business owners who are helping local residents to prepare for their retirements. It is vitally important that everybody saves up to take care of themselves in their old age, and by introducing auto-enrolment the Government has offered thousands of Silhillians – and millions of Britons – a new and easier way to do it.”