Simon Lambert

Well, the entire report wasn't just about Georgie Bingo and the fact that you've managed to hit all of them.

But the nub of this is that we've got two things going on with pensions.

Well, three things going on with pensions.

Firstly, if you're a public sector worker and you still benefit from a defined benefit pension scheme, which is one that means your employer guarantees to pay you a certain amount in retirement for every year that you've worked there.

And you have signed up to that scheme, which if people are listening to this and they do work in the public sector and their employer offers a pension scheme, I cannot stress how important it is to sign up to that and take the maximum advantage.

Pay in whatever you need to pay in in order to get that, because it's a great deal.

If you're in that situation, then you're probably going to be OK.

If you work in the private sector, where most pensions are what's known as defined contribution, you pay some money in, your employer pays some money in, the pot's invested to build up a sum for your retirement, and then it's on you to turn that into income in retirement, then you will have benefited, hopefully, from something called auto-enrolment.

which was introduced some time ago now and has dramatically increased the number of people who are saving into their workplace pension.

And the idea is it's like the ultimate nudge theory.

Instead of having to opt into your pension, you have to opt out of it.

And if you don't opt out of it, you're in it.

But the problem is the levels are too low.

Even at the highest level that we've now hit of auto enrolment, workers put in 4%, employers put in 3% and the government puts in 1% via tax relief.

So you've got 8% going into your pension.

Now, most experts say that you need at least 12% going in and probably ideally 15% if you want to have a comfortable retirement.

And what's happened is we've quite rightly patted ourselves on the back for pensions auto enrolment being a success.

workers have not quite so rightly patted themselves on the back for the fact that they're paying into their pension and we've sort of missed the point that we aren't paying enough in for all of these people when they reach retirement to have enough to have the retirements that they probably want and the report that came out this week has said this is a problem we need to do something about it

But also that the bigger problem is those higher up the age range women, the self-employed, for example, who are not benefiting from this fully because those who are in their kind of probably early 30s, I reckon, like up to about the age of 35, maybe probably OK because they roundabout started proper full time work when auto enrolment started.

Those older than that might have missed the boat.