Jonathan Gullis welcomed the Minister for Pensions, Laura Trott MBE, to Stoke-on-Trent to visit Stoke-on-Trent College’s Burslem campus.
Following on from the passage of the Pensions (Extension of Auto-Enrolment) Act 2023, Jonathan and the Minister joined teachers and students at Stoke-on-Trent's Burslem campus to discuss how the Act will impact them.
The transformative piece of legislation will ensure millions of people, including low and younger earners, will be helped to save more into their pension and set them up for a more secure financial future.
Jonathan’s Private Members’ Bill scraps the lower earnings limit, meaning people will pay into their pension on the first pound they earn, and reduces the age for automatic enrolment to 18.
Removing the lower earnings limit will proportionally benefit the lowest earners the most. Research from Onward shows that roughly 25 per cent of people from Stoke-on-Trent North, Kidsgrove and Talke are not auto enrolled into pension schemes. This Bill tackles that, creating more stability in the long-term.
People who earn £9,000 from two separate jobs—who may be working 12 to 18 hours a week, juggling their jobs around childcare or caring responsibilities—do not currently get the benefits of auto-enrolment at all.
In areas like Stoke-on-Trent, nearly one in four people are not auto-enrolled into a pension. This simplifies the process, and through the power of compound interest, could leave tens of thousands of pounds better off in retirement.
Jonathan Gullis MP for Stoke-on-Trent North, Kidsgrove and Talke said: “It was excellent to welcome Pensions Minister Laura Trott to the fantastic Burslem Campus at Stoke-on-Trent College yesterday.
“We had a really engaging Q&A session with some of the college’s excellent students about my Pensions Bill that will see young people under the age of 22 automatically enrolled into a pension scheme, and what this will mean for them. While retirement will be a long way off, it was great to hear this group of students were thinking about a financially secure future.
“Touring the Technology Hub allowed us to see first-hand the teaching and learning of skills for our next generation to progress to high skilled, high wage jobs.
“I would like to thank all the students, college CEO Lisa Capper and the staff for making the visit so engaging.”
Laura Trott MBE, Minister for Pensions said: “It was fantastic to be able to visit Stoke on Trent College’s Burslem Campus alongside Jonathan Gullis, who is the brilliant MP for Stoke-on-Trent North, Kidsgrove and Talke.
Jonathan spearheaded the campaign to take the Automatic Enrolment PMB through the House of Commons earlier this year. As a result the fantastic apprentices and young workers I met will have the best opportunity to save for the retirement outcomes they want.”
Lisa Capper MBE, Principal and CEO of Stoke on Trent College said: “We are extremely proud to work in partnership with the DWP on supporting young people and adults in to work. Raising the awareness and understanding of the importance of personal finance and pensions with our younger learners is a vital part of the work we do to ensure that they develop effective work and life skills during their time with us.”