People concerned about having not saved for their pensions could have fewer worries than they may think, according to a leading financial planning service.

AJS Wealth Management recently stated that many people think that if they get to their 40s and 50s without making arrangements for their senior years then they will only receive a meagre pension.

Director of the firm Anna Sofat noted that in many cases it does not matter that people have reached an older age before they save for their pension.

Using the example of an older consumer who had not saved and was on a modest income, Ms Sofat explained: "If she puts £50 a month away and she builds it up to a £5,000 or a £10,000 pot, for up to £1,500 she can take all of that cash free tax at the age of 55."

A recent report published by Scottish Widows indicated that 35 per cent of women do not have a pension scheme, compared to 22 per cent of men.