With the Government constantly trying to reduce the estimated 'savings gap' of £27bn the actuarial profession have now become involved.
The outcome of the Actuarial Profession's annual conference last week was for the Government to target younger people with pensions.
Actuaries are urging the Government to provide a wider choice of retirement options and improve advice and guidance given to young savers. They feel that people are being put off saving into pensions because of them being forced to buy inflexible annuities with their pension funds at retirement.
Members at the conference also urged the Government to allow pension funds to be used for a range of lifetime needs.
It would appear that the savings gap is becoming more and more in need of closing. The Government are currently consulting on relaxing the rules surrounding annuities so that there is at least some flexibility.
However, some of the options suggested have been knocked and it would seem a solution is some way off.
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