Pete Glancy, of Scottish Widows, said: “Britain is getting older and living longer, which puts greater pressure on the balance between those working and those in retirement.
“Raising auto-enrolment contributions could play a meaningful role in improving living standards and reducing the risk of poverty later in life.”
However, Torsten Bell, the pensions minister, has confirmed there will be no changes during this parliament. Instead, the issue will be examined by the Pensions Commission, launched by the Government in July last year.
It will also examine whether to remove the earnings limit of £10,000 and reduce the starting age to 18, which experts argue would encourage workers to start saving from the first wage they receive.
Mark Futcher, of Barnett Waddingham, part of Howden, said auto-enrolment was only part of the problem facing current pension savers.
He said: “We’ve spent years identifying the cracks in the system, yet too many people are still falling through them. And while it’s positive to see some progress, at some point we have to stop admiring the problems and actually fix them.
“Improving auto-enrolment is a great start, but if we want to stop the pensions ‘time bomb’ from blowing up in our faces, we need better solutions for people at the point of retirement too. Otherwise, people will be left navigating their later years based on little more than guesswork.”
A Department for Work and Pensions spokesman said: “The Pensions Commission is examining how we can ensure secure retirements for tomorrow’s pensioners, while our newly passed Pension Schemes Act will bring about major reform to the UK pensions system, benefitting millions of workers to the tune of up to £29,000 by the time they retire.
“Supporting pensioners is a priority and our commitment to the triple lock for the rest of this parliament also means millions of pensioners will see their yearly state pension rise by up to £2,100.”