Automatic Enrolment has enabled Scots to put more into their pension pots than ever before, according to new figures released by the Department for Work and Pensions (DWP) to mark 10 years since the policy was introduced. In 2021, employees across the UK saved £114.6 billion into their pensions, a real-terms increase of £32.9 billion compared to 2012, when Automatic Enrolment was introduced.
In Scotland, 88 per cent of private sector employees were in a workplace pension in 2021, an increase from 44 per cent in 2012. Across the country, workplace pension participation rates in the service industry alone - such as hotels, restaurants, and distribution - has increased by 63 percentage points since 2012.
The figures reveal how the policy has transformed pensions saving over the last 10 years for people, with 9.3 million more employees paying into a workplace pension in 2021.
