Underestimating how long you're going to live

Brett Hammond, managing director of TIAA-Cref, says the US experience suggests a disciplined approach to pensions savings is essential. People should start with an adequate savings rate, invest those savings appropriately for their circumstances, adopt a position where they will take guaranteed income when they retire, and finally get good advice on all those decisions from an expert. He says as the UK is moving towards the US model where personal choice and personal responsibility would figure much higher, steps should be taken to help those individuals with their choices.