Alexander Stafford is backing a private members’ bill that would change the rules limiting auto-enrolment to workers over 21 who earn more than £10,000-a-year.
He says currently 57.8 per cent of part-time workers are contributing to a pension compared to 86.4 per cent of full-time workers. And women are far more likely to be in part-time work and have multiple jobs.
Mr Stafford said the proposals would increase total lifetime savings for workers in his Rother Valley constituency by almost 25 per cent, or about £4 billon.
He added: “Everyone in Rother Valley deserves to have a secure and healthy retirement after a lifetime of work. These changes will help deliver that for the people I am so honoured to represent.”
WHAT IMPACT DID AUTO-ENROLMENT HAVE?
Auto-enrolment into pensions was introduced in 2012 by the coalition government. It saw the number of people saving towards a pension, in addition to their state pension, increase from 46.5 per cent to 77.6 per cent, Mr Stafford said.
Private members' bills are bills introduced by MPs and Lords who are not government ministers. A minority become law but, by creating publicity around an issue, they may affect legislation indirectly.
Richard Holden, MP for North West Durham is proposing the pension bill.
He said: “Auto-enrolment has been one of the massive hidden triumphs of the last decade in the UK, but sadly millions of hard-working British people aren’t benefiting because they’re under 22 or simply not working enough hours.”