Finally, some good news for the pensions industry amid the backdrop of uncertain policy reforms. Pensions expert Ros Altmann has joined the Saga Group in the newly-created position of Director-General to help improve the lives of the over-50s.

A mother-of-three, Mrs Altmann is an investment banker, economist and policy adviser who has advised the pensions industry, trustees, corporations and the government. She took up her new full-time post earlier last week and admits it is going to be a challenging but exciting role. She tells People: "The over-50s need a voice and I want to better the lives of this sector of middle Britain who increasingly may lose out in policy debate.

"The over-50s have genuine worries. They tend to be the silent majority, proud, self-reliant, wanting to know how to cope with the challenges of the second half of their lives and looking forward to more leisure time. But they have seen pensions shrink or even evaporate in recent years. It is hugely irresponsible to try to force people to stop saving for their future, especially as baby-boomers reach their 50s and 60s."