People 'should not delay pension saving'

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People in the UK have been urged by a leading pension provider to not delay on saving for their retirement.

Legal & General has made the call after new research revealed that in order to have a pension income of £20,000 a year, 25-year-olds need to put away monthly premiums of £205.

The company added that by delaying saving by ten years, the monthly payments to achieve that income would be over £400.

Adrian Boulding, wealth policy director of Legal & General, said: "Funding your pensions can be expensive as you may live a long time after you retire.

"By starting your pension early you can reduce the risk of having to pay larger sums in later years, just to retain a reasonable quality of life."

Julie Mulvanny, head of business development of individual pension at Prudential, recently claimed that issues related to the credit crunch have led to some people cutting back on pension savings.

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