But latest research shows that more than one in three adults who have yet to retire has stopped paying into pensions.

You need to maximise savings during this 10-year period - not only into pensions but into other investments such as Isas.

Life expectancy in the UK is increasing and, at the same time, people are saving less into pensions.

The fruits of growth were shared with employers, and taxes were recycled into schools, health care and pensions.

"The whole pension set-up is very disappointing - I wouldn't recommend anyone to go into personal pensions," he adds.

For the next two years investors can still receive rebates into their Sipps or personal pensions.

The higher earning would translate into pensions more lucrative than they ever expected, if they retire now.

In 2002, he chaired a UK government enquiry into pensions.

There are also 6.4 million people paying into personal pensions, which have no contribution from their employer.

The auto manufacturers are sore because we've pushed them into upping pensions for the workers retired early by automation.