Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what assessment his Department has made of the potential impact of interest rate rises on trends in employee pension contributions.

DWP actively monitors the latest data to continuously assess all potential impacts on employee pension saving.

Data on trends in employee pension contributions is published in DWP’s annual Workplace pension participation and savings trends publication https://www.gov.uk/government/statistics/workplace-pension-participation-and-savings-trends-2009-to-2020 . The next publication will be in June 2023.

DWP also published further data on trends in participation and contributions in private pension providers in October 2022 https://www.gov.uk/government/statistics/ten-years-of-automatic-enrolment-in-workplace-pensions.

Both publications show that workplace pension participation has remained stable since the completion of the roll out of Automatic Enrolment in 2019.