Auto-enrolment has forced many employees, supported by their employers, to begin saving for their retirement.

The minimum contribution of 1 percent plus 1 percent is not sufficient and we need to get to the more substantial 12 percent figure that Frank Field first proposed all those years ago. A barrage of recent reports demonstrating how meagre the Nation’s savings are proves just how difficult it is to provide for today while planning for tomorrow.

Knowledge is still power. Employees need to understand more about retirement and be taught simple concepts. The Government is going to pay somewhere around £8,000 pa once a person reaches the ever rising state pension age. Some find this sufficient, but it may mean that many sacrifice previous standards of living which are no longer affordable. If the State cannot provide sufficient retirement income savers will need help from employers to plan for the future to the best of their ability. Simple lessons like thinking about how to invest inheritance could help bridge that gap.

Constant legislative change compounds the challenges faced by those trying to save. We need a period of no political interference as the majority of employees still find pensions too complex and difficult to understand. Publicity for schemes such as BHS and Tata Steel does not help as many employees don’t understand the difference between defined benefit and defined contribution pensions.

The Government’s proposed Lifetime ISA will muddy the waters still further. A confused public does not need more choice. Savers will require significant education to fully grasp the implications of the LISA to ensure they don’t opt for it over valuable auto-enrolment driven employer pension contributions.”