Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment her Department has made of the effectiveness of the National Employment Savings Trust pilot scheme of autoenrollment savings accounts.

Payroll savings schemes allow employees to save directly from their salary and are a proven way of helping people start and maintain a savings habit. Research from the National Employment Savings Trust demonstrates that payroll savings can effectively help people to save, particularly where behavioural support is put in place.

As part of the recently published Financial Inclusion Strategy, the Government has worked with partners to provide the clarity employers need to offer payroll savings options to their workforce. The Government also announced an ambitious National Coalition of Employers, which will further encourage uptake of payroll savings schemes among employers.