Retirement saving should begin earlier, says expert
As the state pension's centenary is marked, Prudential has said it cannot be relied on to offer a comfortable standard of living.
To ensure a healthy nest egg is waiting, people should be saving for retirement earlier, said Julie Mulvanny, the company's head of business development for individual pensions.
"[People] need to be saving an awful lot more from a younger age and get into that habit of saving in order to provide a decent retirement for themselves," she warned.
Ms Mulvanny said even a basic income was not provided by the state pension because it does not keep in line with national average earnings.
She added that someone must take responsibility for pensions to address the problem of an aging population.
According to Age Concern, the basic state pension between April 2007 and April 2008 was £87.30 for a single person and £139.60 for a couple. After housing costs 1.8 million pensioners are living in poverty, it said.
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