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State pensions 'not enough for retirees'

State pensions are not adequate to meet the needs of most retirees, according to an industry group.

The Association of British Insurers (ABI) said that although the state pension does offer some advantages, such as guaranteed payments later in life, it cannot be relied on as a sole source of income.

Jonathan French, spokesperson for the organisation, recommended that people should instead start saving into private pensions as early possible.

He said: "You can never be too young to start saving for a pension.

"Pensions are of course, by their very nature, long-term investments, and long-term investments have a very good record for providing excellent returns."

Mr French added that the earlier people start saving into a private pension scheme, the more time they have to build up bigger funds for their retirement.

He advised consumers to look at all the different options available, including the schemes operated by their employers.

Recent research by AXA found that one in three Britons plan to invest in property to provide an income for their retirement.

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18/04/2007 13:14:07

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