A pension is not the only investment option when saving for retirement, it has been claimed.

Speaking to everyinvestor.co.uk, Jaskarn Pawar stressed that planning for retirement is about working out what you want to do and how best to afford this lifestyle.

In funding your retirement the ultimate goal is to create an income stream, nothing more, and nothing less, he commented.

Where this income comes from is entirely up to you.

Many people, Mr Pawar observed, rely on pension plans from various sources to deliver the income they need in retirement.

There are, however, more flexible ways to save - and Isas are perhaps the next best alternative, he remarked.

Isas provide a similar tax efficient environment for assets to grow over time.

Furthermore, they do not restrict consumers in the way and when they eventually draw their income on retirement.

Meanwhile, Rachel Le Brocq, press and public affairs manager at the Building Societies Association, claimed recently that ethical and community values are increasingly important to customers when they are investing in financial products.