Dear Listener

What age would you like to retire? [     ]  When do you expect to retire? [     ] What is the maximum age you would be willing to retire at before you got very, very cross? [     ] Fill your answers in and then compare them with the YouGov poll results at the end of this email.

The answers came as part of research done by Scottish Widows for its UK Pensions Report published this week. The report is the seventh in the series and its findings have remained remarkably constant over the years – half the working population (earning at least £10,000 a year and aged from 30 to state pension age) is not saving enough for retirement. About one in five is saving nothing at all. And those proportions are on the Scottish Widows assumption that saving 12% of your pay towards retirement is enough. Other estimates put the amount needed at double that. No wonder the Daily Express ran the story on the front page with the headline ‘Pensions Disaster for 1 in 2 Workers’

Of course, if you are on a low income and have debts then not saving for your retirement may be the right choice. And as one young woman at the launch, who didn’t have debt, pointed out, her priority was saving up a deposit to buy a home. So not everyone feels they can save.

Between July next year and October 2016 everyone in work and paying tax will be automatically enrolled into a pension scheme by their employer. That should improve the number saving though the amounts will be far less than the 12% even Scottish Widows considers adequate. We’ll be covering auto-enrolment more as that date approaches.

And in case you’re wondering how I know all this I was fortunate enough to be asked to chair the launch on Tuesday. But back to the day job…

***IN MONEY BOX THIS WEEK***

Energy prices – Scottish Power kicked off the new round of price rises with a whopping average rise of 19% rise in gas and 10% in electricity prices. We find out why the increases are so much – and get advice on what to do about it. NB listen to the advice on Saturday as there may not be long to act to keep your bills down.

We are also looking at how energy companies are treating their low-income customers and ask how fairly the new Warm Home Discount of £120 will be distributed. And pre-payment meters – how well do they serve people on low incomes?

Thousands of people who bought £75 million of bonds through Bristol & West could lose at least 80% of their money as part of the Irish government’s bail out deal for Bank of Ireland, which bought Bristol & West in 2007. Why are they not protected by the UK compensation scheme?

And we have the first preview of Monday’s Panorama investigation by ex-Money Box journalist Penny Haslam into how well – or not – some banks sell investments to their customers.

As ever, there may be more, there may be less. Find out the broadcast agenda by listening on Saturday just after noon or the repeat on Sunday at 9pm or any time to the podcast www.bbc.co.uk/podcasts/series/moneybox. Check out our website www.bbc.co.uk/moneybox to follow links, download transcripts, send us stories or ideas you want us to look into and Have Your Say on how energy companies serve low-income customers.

This newsletter is available at bbc.co.uk/moneybox/newsletter around the time it hits your inbox (tell your friends who don’t subscribe) and you can join more than 7800 others who enjoy my random but timely thoughts on money – and a few other things – whenever I’m awake at www.twitter.com/paullewismoney.

Best wishes,

Paul

PS Don’t forget the trail for the programme on BBC1 Breakfast just after 0845. And I am back on breakfast on Thursday around 0640 and around 0820 (though those times are very subject to change) with another story and answering emails from viewers.

PPS Online survey results by YouGov of 5200 adults 4-11 March 2011 What age would you like to retire? [61.7] What age do you expect to retire? [65.5] What is the maximum age you would be willing to retire before you got very, very cross? [66.5].

e-mail Paul Lewis