New figures have revealed that more than 9000 people in the Borders have been auto enrolled as part of a flagship pension scheme brought in 10 years ago.
The figures, relating to the parliamentary constituency of Berwickshire, Roxburgh and Selkirk which covers most of the Scottish Borders, also show that there are 2520 employers utilising the scheme.
It means that there is now a record-breaking number of pension savers in the UK, ensuring that people are saving for their future.
Overall, participation in workplace pensions has risen from 42 per cent in 2012 to 86 per cent in 2020, thanks to work that has been carried out successively by the Conservative Government after coming to power in 2010.
Employers have also played a major role in supporting Automatic Enrolment, increasing their contributions in 2019 to ensure savers put away contributions worth 8% of their pay.
Under the scheme, all employers must automatically enrol workers into a pension scheme, bar a few exceptions.
John Lamont MP said:
“Having financial security in later life is vital and the automatic enrolment scheme has transformed workplace pension uptake.
“It has been 10 years since the Conservative government introduced this scheme, and it is great to see thousands of workers benefiting here in the Borders.
“This was about creating a strong savings culture and allowing people to take control of their future finances.
“It has truly revolutionised pension saving in the UK with almost an extra £30 billion being put away for later life since its inception.”
