We’re going to have to work longer to pay for our retirement. That was the message from today’s Government white paper on pensions.

Labour accepted most of the Turner Commission’s proposals. True, the state pension age will rise quicker than Turner suggested and the restoration of the link between the state pension and earnings will be delayed. But one should give the Government credit for being bold.

No one will get rich on a state pension even after the earnings link is restored. Company and private pensions remain the key to a comfortable life after work – especially if you want to retire early.