This is how you'll rescue your retirement

Yesterday's annual Scottish Widows Pensions Report made gloomy reading. As I've written before, the combination of inadequate savings, poor investment returns and low annuity rates has resulted in millions of pension savers looking set for a penurious old age.

And looking at the report, it's difficult to trump the words of Toby Strauss, group director of insurance at Lloyds Banking Group (LSE: LLOY), which these days owns Scottish Widows: