State pension is 100 but doubts surround its survival
Today (August 1st) marks the centenary of Royal Assent of the Old Age Pensions Act 1908, with the anniversary marked by reforms to the system.
Secretary of state for work and pensions James Purnell said changes would be made to ensure women and carers get fairer treatment, to re-link average earnings and making rules clearer.
Recent statistics from the Department for Work and Pensions (DWP) found 44 per cent of people were sure the state pension would not exist when they reached retirement.
Those saving for retirement may wish to look at other plans available for nest egg savings in addition to the state pension, particularly as health developments mean retirement lasts longer than ever.
Mr Purnell commented: "Current trends suggest the UK will have its first 120 year old in the early 2060s, if not before. That means she is already drawing her state pension and will do so for half her lifetime."
He added the rise in everyday expenditure means putting together a plan for retirement is a priority.
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