....poverty is the first thing that springs to mind

Here are some others:

• State benefits: Do nothing and rely on the state for an income when you retire. The single person's Pension Credit, currently offered by the Government, is £124.05 per week. Could you live on that?
• Personal pensions: Take out a personal pension with an insurance company. Of course, you'd need to be sure you picked one of the best providers. You'd also be paying set up and administration charges and probably a commission. Keep in mind that Cable & Wireless won't contribute to your personal pension.
• Stakeholder pensions: Take out a stakeholder pension arrangement. The charges are low by market standards (but not as low as the plan, which can be up to 23 times cheaper than a stakeholder!) but you'd still miss out on the company's contributions.
• Other investments: Take out some other form of investment, such as an Individual Savings Account (ISA). This would generate tax-free cash and you'd be able to access it before you reach fifty. But you wouldn't benefit from tax relief on contributions and, again, you'd miss out on the company's contributions.