More than 10 million people at work today are not saving enough to generate the sort of income they want to receive in retirement. A combination of a single, simple, decent state pension and the right to a workplace pension with a statutory contribution from their employer will mean - for the first time - there will be a firm foundation for retirement for the workforce of today.
The future flat-rate pension unveiled by the Government will be worth £144 in today's money. But who stands to benefit and who loses out?
Ministers promise a richer retirement for women, low earners and the self employed, but others warn people must work longer for less reward.