Hargreaves Lansdown

The elderly will no longer be forced to use their pension savings to buy an annuity by the time they are 75, the Government confirmed today.

Millions of private sector workers with a final salary pension face lower payouts after the Government announced plans to cut the rate at which their income rises each year.

The Government has revealed the charges for its new pension scheme, which starts in 2012.

Anyone aged 50-54 only has days to draw a private pension and take a tax-free lump sum worth 25% of their pot , or wait until they are 55.

Pensions experts are warning the public not to wait for a Government scheme to save for their retirement.

The Conservatives have confirmed they will bring forward the planned rise in the retirement age, if elected.

Millions of workers could be wasting hundreds of pounds a year each if they pay into a company pension, as employers are failing to help them save efficiently.