With people living increasingly longer, the need to have an appropriate pension is more important than its ever been.

The State pension will only do for you if you can live on less than £100 a week.

If you want to maintain your lifestyle than a pension is going to be the best way to safeguard your retirement and allow you a reasonable income. Probably the best part of a pension is the significant benefit you get from compounded interest.

For example, if you are currently 65 years old and you saved about £70 a month starting from when you were 25, you would have £33,600 if you saved it in a safe at home. Now if you would have put it into a pension plan and it had grown by 10% per annum, you would have saved significantly more than £33,600. You can play around with our Pension Calculator and adjust a number of variables to see how you much your pension pot will reach.