According to the Pensions Advisory Service, people are no saving enough for old age – creating a long-term problem for the sector.

Chief executive of the organisation Malcolm McLean commented that an increase life expectancy is also an issue that the industry is going to have to deal with sooner rather than later.

“There is a concern that people are not saving enough for their old age – there are going to be more pensioners around in the future and we do have a demographic time bomb,” he said.

Currently, the age at which people in the UK can receive a pension and give up work is 65.

However, plans are afoot to increase this figure in the next 20 years in response to people in the UK having a longer life expectancy.

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