AE rates hike has minimal impact on savers

He said: "I can remember the naysayers telling us all there would be a huge number of members putting their contributions on hold, which would have unfortunate results on their retirement.

"While auto-enrolment might not be perfect, the fact is that millions of people are now engaged in saving for their retirement. I would like consideration being given to actually increasing contributions, either by increasing band earnings, or simply increasing the contributions required over another few years."