More than 70 per cent of MPs think it should be compulsory for both employers and staff to pay into pension schemes.

About 78 per cent of MPs said the Government should look at forcing employers to contribute to staff pension funds in a bid to close Britain's savings gap, while 73 per cent thought employees should also be forced to save, insurance giant AXA reported.

But the majority of MPs would be against raising the state retirement age to 70.