The Financial Services Authority, (FSA) which regulates the financial services industry in Britain, has warned companies and consumers to adopt a more proactive approach to planning for old age because of increasing risks to the provision of an adequate pension.
The risks include the sale of complex products to consumers who don't understand them and the mispricing of retirement products and the consequences of people living longer.
Life expectancy for men and women at birth increased from 45 and 49 years respectively in 1901 to a projected 80 and 84 years in 2011.
The FSA has launched a campaign to educate consumers about the risks to having sufficient retirement capital.