Stakeholder pensions will not keep all of us off the breadline when we hit 65 - or 72 if you're feeling pessimistic - but they could be a good way to ensure that women have a chance to save for an independent pension while they take a career break to raise their children.

Anna Bowes of Independent Financial Advisors Chase de Vere Investments plc explains: 'If you are a mother who doesn't go back to work after her baby was born what do you do about your pension?'

'Since the stakeholder pensions came in women can still invest 3,600 a year in a pension for the price of 2,808 thanks to the tax relief from the Inland Revenue.'

And if you're still dithering about starting a pension here are some scary figures to concentrate the mind:

The cost of delay
To build up a pension fund of 250,000 by the time you're 50 (assuming an annual growth rate of 7% a year) you will need to invest 213.80 a month (if you are a basic rate tax payer you will have to put away 166.76 a month the Inland Revenue will do the rest) from the age of 20.

If you wait ten years, the monthly amount doubles to 492.60 a month (384.23 a month for a basic rate tax payer) and if you leave it until you're 45 we're talking 3,512.50 a month (2739.45 for a basic rate tax payer).

As Anna explained it doesnt really matter how you invest, whether it's in ISAs, a pension or property so long as you start putting something away as soon as you can - the longer you leave it the more cardigans youll have to wear later.

Disclaimer While every effort has been taken to ensure accuracy at time of publication, this information may be subject to change. Always consult your financial advisor.