Pension planning is topical in UK newspapers. The head of the Pensions Commission, Adair Turner states that 'Individuals should bear the risk of living longer, not the State or private companies'. The Pensions Commission estimates that more than 12 million people are not saving enough for their retirement.

David Blunkett, the new Pensions Secretary, is also quoted. He suggests people will be forced to work longer as well as save for retirement. He calls for people to "take responsibility and key decisions for themselves".

While this relates to the UK market, it's fair to see if the same problem applies here in Bermuda.

Will your five percent employer/five percent employee contributions (mandatory for working Bermudians and Spouses of Bermudians) be enough to satisfy your needs in retirement?

If you're an expatriate with the same staff scheme contributions (albeit not mandatory) the same questions applies. If you're an expatriate without a staff pension option don't be put off saving in a pension just because you think you might not be here long. Non-registered pension plans, available on the island for expatriates, allow you to take the cash from the plan when you leave. This allows you to invest a lump sum for pension provision in your chosen destination without losing out at all.

Let's start by taking the example of an individual having their employer contribute five percent of their salary along with their own five percent contribution.

Will ten percent of salary, saved for retirement, be enough? The short answer is 'no', not unless you're happy to take a significant drop in your standard of living. One problem is many people don't start pensionable employment before age 25 as opposed to age 16 or 18 many years ago, and of course we all live longer so the pot has to be larger to last.

If someone is 25 retiring at 65 they would need to contribute 25 percent of their salary to maintain the same spending power at retirement as they have today. If someone doesn't start saving for their pension until 45, retiring at 65, 68 percent of their salary would need to be saved*.

Arguably, you don't need the same level of income in retirement but you will have more free time in which to spend money.

A retired client said to me last week: "I'm so glad I was disciplined with my savings when I was younger; I just couldn't imagine having to ask my wife to shop down market for her clothes now we're retired."

We are at a time in the world when people are facing a problem that none of our predecessors faced. In 1900 the word "retirement" was not in the dictionary because no one lived that long.

The most common cause of death is no longer tuberculosis and has been replaced by something to fear more ? living too long in retirement where our lifestyle expectations have been fuelled by a lifetime of excess but without the money to maintain them.

Needless to say, the sooner you start saving as much as you can, the sooner you benefit from the miracle of time and compound interest and the more your retirement will be something to look forward to and enjoy. As David Blunkett says ? the responsibility is yours.

Why not start educating your children in these disciplines today too, giving them the benefit of a good head start? Warren Buffet, Mario Gabelli and Peter Lynch are very well known professional investors whose personal fortunes run well into the billions of dollars. Something else they have in common is that they all started investing as children.

You can encourage your children to have two savings jars; one marked "permanent savings", the other marked "money for spending". Every time your child gets money ? whether it's allowance from you, birthday money from grandparents or cash from doing odd jobs around the house or in the neighbourhood ? half of it goes in one jar and half into the other.

He or she can then spend from one jar knowing that the contents of the other must never be touched.

This money will not only eventually be invested and benefit from a long term time horizon but each child at an early age gets used to the discipline and responsibility of saving for their future.

Don't let your pension planning be left in the 'Someday' pile.

*Assumptions: three percent per annum inflation, seven percent per annum investment growth, 25 expected years of retirement.

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