As part of Axa’s national campaign to promote saving, 14 people are to see if they can live on the state pension for a week.
The experiment, which star- ted on Monday, will see former England rugby star Kyran Bracken and broadcaster Rosie Millard, as well as members of the public, try to live on £95.25 in a bid to highlight the importance of saving to boost retirement income.
Participants are not allowed to work and cannot top up their fund from other sources.
An Axa spokesperson says: “The experiment will look at how pension provision could be leading us towards a pension stone age compared to other nations, even with the planned reforms.”
Figures from Axa show the UK state pension is 31 per cent of national average earnings, less than half that of Italy’s 68 per cent of average earnings while in France it is worth 51 per cent.
The Retirement Adviser head of financial planning Nick Flynn says: “It is a good way of raising attention to the situation but they will find it hard to live on that amount for a week.”