Pension hardship fears are revealed

Just over half of people who have not yet retired are worried they won't have enough to live on when they stop working, according to research marking the launch of an inquiry into the retirement savings crisis.

The National Association of Pension Funds (NAPF) found 43 per cent of people cannot afford to save for retirement. Eight in ten think the UK needs a simpler pensions system and 84 per cent said society should rethink how it saves for old age.

The NAPF has given Lord McFall, MP for West Dunbartonshire and former chairman of the Treasury Select Committee, the task of looking at how the UK can change its approach to saving for retirement.