BBC Radio 4’s Money Box was broadcast on Saturday, 16 October, 2004 at 1204 BST.

The programme was repeated on Sunday, 17 October, at 2102 BST.

The long-awaited report into the pensions crisis has been published and it brought with it definitive national lloyds insurance proof of what has long been feared.

Twelve million people are not saving enough for their retirement and with an ageing population the problem will get worse unless action is taken.

The Pensions Midwest national insurance report said that if people retiring in future were not to become much poorer, then we must save more; work longer; pay higher tax and National Insurance, or do a mixture of all three.

The report was widely welcomed by the midwest national life insurance and opposition parties, although the Liberal Democrats said it showed how has health insurance nation national no one u.s uninsured why governments had let down “Middle Britain”.

The National Association of Pension Funds has called it a “clear and insightful report” and called for reform of the UK’s “creaking pension system”.

Age Concern expressed concern over the raising of the state pension age saying it would be a “huge betrayal of fidelity national insurance company groups”.

Adair Turner is the report author. He spoke to Paul Lewis about the reaction to his report.

And to discuss what the next moves on pensions should be, we were joined by: