Is this the end of the pension?
The entire pension system is in need of a radical overhaul to make it relevant to young people in the 21st Century, according to the director-general of over-50s group Saga.
Dr Ros Altmann said the pension name must be changed to help reverse the fall in the numbers signing up to workplace pensions, as a perfect set of conditions combine to "frighten" young people from investing.
Generations of Britons have happily invested in pensions that were once the envy of the world.
But the near complete end of final-salary schemes in the private sector and it becoming unusual for anyone to spend a career with one firm, combined with rising life expectancy and low interest rates have led the pensions timebomb to tick faster.
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Dr Altmann said much of the language surrounding pensions is "alien" and schemes could be made more flexible as people are being put off by the "stark choice" they face of either locking their money out of reach or not taking out a pension at all.
She was speaking as the Government prepares to begin its landmark scheme to automatically enrol up to 10 million people into pensions from next month. She said: "I would like to find a new word for pension – lifetime savings or retirement savings."
She argued that people often associated the word "pension" with scandals and disappointments, or something which was of relevance to older people only.
She said: "For me, the most important thing is to get people into the habit of saving. Pensions are just one product."
Dr Altmann raised concerns that some people, such as those with student debt or who were planning to buy their first home, may not be saving anything at all towards their later years because they were put off by the idea that their money would be locked away.
She said that people could be encouraged to save more if pensions were made more flexible.
The boss of the over-50s group said in January that pensions in their current form were "past their sell-by date", and previously raised the idea that employer contributions could repay student loans for younger workers, who could save for a pension later.
Dr Altmann said that not enough work had been done to understand peoples' mindsets.
"If we made it less frightening and more exciting and attractive in some way then I think we can help more people to feel more positive about saving for the future, rather than stumbling into later life."
From October 1, employers with 120,000 or more workers, must place eligible employees into schemes, with smaller firms gradually being enrolled in a staging process which will end in 2018.
The Government is introducing various measures aimed at making pension saving more simple and attractive to people, amid concerns that an ageing population is failing to put enough away for its later years.
Further evidence of the pensions crisis was seen earlier this year when Office for National Statistics (ONS) figures showed that the proportion of people in a workplace pension had fallen below half for the first time in 15 years.