It always mystifies me how with all its resources the Pensions industry has still not managed to educate the consumer about pensions. It is really shocking that most people have not got a clue how  much they will need to retire?

But why is this? Most have a very good idea of how long they have got to pay of their mortgage, what their car payments are and how much to the penny their salary is. Yet mention the word pension and a look of naked fear crosses their face.

It pretty simple really. If you decide to retire at 60 and you need 20K per annum to live on after tax and you think you might live until 90, (which is 30 years) then multiply 20k by 30 and you get £600,000. Its very ball park but it will give people a basic idea of how it works. Yes there are investment returns and inflation, tax and the ups and downs of the stock market. But people generally understand ballpark stuff and a simple multiplication is easy to do.

So come on pension industry. Stop all this befuddling nonsense and talk ball park.