Millionaire pensions fail to save

Men on average have earned about £1m before tax when they reach the age of 51, while women need to keep working until 72 to become millionaires, revealed a survey published by Prudential today. Yet only 37 per cent have saved enough during their working years to enjoy a comfortable pension. Prudential’s Vince Smith-Hughes said: “Pensions remain highly efficient tax saving vehicles which can help savers to claw-back some of the tax that they have paid over the years.”