Pension savings a 'demographic time bomb'

Pension schemes are a "demographic time bomb" which should be addressed "sooner rather than later", it has been claimed.

Malcolm McLeod, chief executive of the Pensions Advisory Service, says that people are not saving enough for their old age - and that this is a social phenomenon that is likely to have long-lasting ramifications.

"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," Mr McLeod commented.

"We are talking long term – perhaps the end of the century – but it is a problem which has to be addressed sooner rather than later."

Mr Mcleod added that, to avoid being poor in later life, people need to make sure that they invest in a good pension plan - rather than trying together to scramble together some funds as they approach the end of their working life.

"People need to have some foresight and to do it now rather than five minutes away from retirement," he added.

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