The legislation – introduced to the House of Lords this week by the minister for welfare reform, Lord Freud – includes measures to create automatic enrolment of employees into pension schemes.
Commenting on the bill, Joanne Segars (pictured), chief executive of the National Association of Pension Funds (NAPF), said: "The reforms introducing auto-enrolment are a landmark for getting more people saving into a pension.
"Implementation now is key. Employers will have to do a lot of preparation to implement the reforms and have little time, so they need certainty."
The Department for Work and Pensions said the bill would help millions save for their retirement.
Liberal Democrat MP, Steve Webb, minister for pensions, said: "This bill will radically transform the pensions landscape in this country.
"Millions of people, who currently have little or nothing put by for their retirement will, from 2012, find themselves enrolled in a workplace pension – setting them on the road to a more secure future."
The Government’s reforms on automatic enrolment are based on the recommendations on the Making Automatic Enrolment Work review, which was published in October 2010.
Reforms in the bill also include changing the state pension age to 66 and allowing personal contributions towards the pensions of members of the judiciary.