Two pieces in last Sunday's Observer highlight the real absurdities that lie at the heart of the British state pension system. The headline says it all: Save for a pension? It could be a mug's game.
Pension experts are reluctant to state categorically that people should not save for retirement, but Mervyn Kohler, of Help the Aged, reflects an increasing consensus when he states: 'A lot of people will say "I've got an awful lot of better things to do with my money". If you are not in the top 40 per cent of earnings, you are probably wasting your time putting your money into pension savings if present policies continue.'