TAX PLANNING AND SAVING: Work the System to Retire in Comfort

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In the next few weeks the 250,000 pension customers of the TSB will face a financial challenge. It will arrive in the form of a statement that will show how much retirement income they can expect to receive if they continue with the same level of payments.

The TSB is asking its customers whether or not they think the projected income will be enough to live on. The bank will be giving examples - showing, for instance, what the difference is if payments are increased by pounds 50 a month.

This is not just to increase business, but a way of alerting people to the real danger of their pensions proving inadequate. According to research by Norwich Union, as many as one …