The 'Age Wage': Axa calls public vote to rename pensions

Axa is asking the public to vote on a new name for pensions as part of its My Budget Day financial awareness programme.

Research suggests one in five UK adults are put off by the word pension, and the insurer has decided to look for a new name for long-term savings.

Five alternative names for pensions have been selected by Axa's panel, and a vote is now open to choose the winner.

Axa received almost 900 entries, with Elaine Higgleton, editorial director for Collins English Dictionaries, Steve Folkard, head of savings and pensions policy at Axa, and Harry Wallop, consumer affairs editor of the Daily Telegraph, selecting a shortlist.

The top entries were:

• Future Fund
• Age Wage
• Freedom Plan (FRED)
• Save Now, Pay Later
• Magic Beans

Members of the public can vote for the winner at www.axa.co.uk/mybudgetday between today and 2 December.

The winner will be announced on 6 December and will receive £4,953 in cash, equivalent to the basic state pension for a single person.