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Richard Holden’s Private Members Bill is due to go before the Commons this afternoon. It aims to widen occupational pension auto-enrolment to all adults in full or part-time jobs.

The NorthWest Durham MP said: “In 2017 the Government said that it would look at extending auto-enrolment by the mid-2020s.To hit those dates we need legislation now to make it happen and allow business time to phase in these important changes. That’s what my Bill will do.”

A report by the think tank Onward published today shows that extending pensions auto-enrolment would add around £2.77trillion to the retirement savings of workers.

It estimates that the proportion of employees saving for their retirement has increased from 46.5 percent to 77.6 percent since workplace pension auto-enrolment was introduced in 2012. Under current rules, it is limited to workers aged over 22 who earn more than £10,000 a year.

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Around 57.8 percent of part-time workers, who are more likely to be women, currently contribute to a pension compared to 86.4 percent of full-time workers.

Onward’s director Will Tanner said: “Extending auto-enrolment to everyone would achieve two of the Government’s key objectives in one fell swoop.

“It would massively boost the savings rates of some of the least well off in society and it would unlock billions in capital to be deployed towards levelling up and boosting growth.”

A Department for Work and Pensions spokesperson said: “We want to make sure that these changes are made in a way and at a time that is affordable, balancing the needs of savers, employers and taxpayers.”

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