Marvin OnumonuPensionBee has called for changes to the pension system as the Pension Schemes Bill 2024-25 moves to its second reading in Parliament.
The company said too many workers are still missing out, especially those in part-time, lower-paid, and gig economy jobs.
PensionBee added that the Bill does not go far enough to deal with pension gaps and the realities of today’s labour market.
Lisa Picardo, chief business officer UK at PensionBee, said: “Whilst the second reading of the Pension Schemes Bill 2024–25 is a further step forward, more ambition is needed to ensure automatic enrolment works universally, for everyone in today’s workforce.
“Lowering the age of enrolment to 18 and removing the earnings threshold altogether would help to close long-standing gender and income gaps in retirement savings.
“Millions of workers – particularly younger, part-time and lower-paid individuals – remain excluded from the current system, and even those who are enrolled often save too little to meet the rising cost of retirement.”
Picardo added: “Through our Invisible Workers campaign, we’ve also called for urgent reform to bring gig economy workers into the scope of auto enrolment.
“These workers contribute significantly to the economy and represent a growing population, yet are too often overlooked by outdated legislation.
“The Government now has a golden opportunity to deliver a fairer, more inclusive and adequate pension system that reflects the realities of modern working life.”
