Milliband vows to drag lowest paid into pensions

He claimed it is “wrong” people on low salaries should be barred from auto-enrolment.

Milliband said today: “Right now, too many people don’t save for a pension because they don’t trust the system.

“We want a private pensions system for all – including the low paid who want to do the right thing and save.”

And he added the low paid are often women in part-time work with caring responsibilities.

YouGov statistics recently revealed half of women are saving less than £100 a month, with even more worrying they will not have enough money to live off in retirement.

Milliband has also warned if the government does not act quickly to restore public trust in the pensions industry it could be disastrous.

“Savers could vote with their feet and opt out of the new system of private pensions for all,” he said.

According to ICM research, 56 per cent of savers lack confidence in those who manage their investments.

Meanwhile, Which? says just 6 per cent of the public believe the financial services industry is the most trustworthy custodian of pension savers’ money.