Why do I need a Pension?

Simple - can you afford to retire on £79.60 a week? If not then you need to Invest for your retirement.

The current life expectancy for men is 81 which means an average retirement of 16 years. For women it is 86, which means an average retirement of 26 years. And we're growing older all the time.

Relying on the State Pension and/or other State benefits will only do if you're happy to live on £75 a week or so.

If you want to be comfortable, well fed and have a reasonable income then you need to start a retirement plan - and do it soon. The easiest way to do this will probably be a pension. But note that every month you wait can make a significant difference to what you end up with.

The Pensions Commission warned in October 2004 that 9-12 million people - up to 40% of the workforce - were not saving enough for old age, in the most detailed analysis of the pension system in years. Three quarters of this group have no pension savings at all, according to research by the TUC. Millions of us will suffer badly.

The government is trying to alert people to the fact that they should save independently of the state pension.

Sadly the pension selling scandals in recent years have not helped people's confidence. But, ironically, in many ways the pension saver is arguably now safer than ever thanks to all the subsequent tightening up.

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