Statistics show that many workers are only saving ten percent of their income for their later years, which, according to one pensions advisor is not enough.

Marie-Jo Caesar, general manager at Colonial Pensions, said some people were thinking more about their next vacation than they were their retirement revenue.

Speaking to Hamilton Rotary, she said it was vital that people saved a substantial part of their salary in a well-managed scheme, to ensure a comfortable 20 years or so after leaving work.

In Bermuda, she said, there were couples who were receiving just the $790 monthly Government pension, which created a deficit of $2,000 each month.

And she said women have a greater chance of falling into the poverty trap since they had an expected lifespan of 85 years, compared to a man's 81 years.

"Your pension will determine the lifestyle you will enjoy later in life,'' said Mrs. Caesar.

"Time is fast approaching when those who do not have a pension must be visited. In order to maintain your lifestyle on retirement, you will need 70 percent of income for each year of retirement.'' Mrs. Caesar gave Rotarians a historical tour of pensions, with the first being issued in the UK in 1812.

They started to become more commonplace in the 1930s when a few hundred were started, to the 1980s, when tens of thousands were begun.

The retirement age, which in previous centuries was "work until you drop'', was replaced by 65 years -- on the orders of Germany's General Bismarck.

In Bermuda, new legislation last year has ensured all employees who wish to participate in a plan can do so. The main industries involved so far include hotels and international business.

BUSINESS BUC