Pensions need an image overhaul to make them less frightening and to encourage more people to contribute, Saga's director general has said.
Dr Ros Altmann said the stark choice of either locking away their money or not taking out a pension is putting off potential savers and called for schemes to be more flexible.
She also said that most of the language surrounding pensions is alien to many people.
Dr Altmann suggested that the word pension is often linked with scandal, disappointment or something for older people.
This comes as the Government prepares to launch its scheme to enrol 10 million people into pensions from October.
She said: "I would like to find a new word for pension - lifetime savings or retirement savings - something that does not have negative connotations."
Many people view them as "final and quite frightening", according to the director general.
But people's imaginations could be boosted, particularly younger people, by attaching a mechanism to help workers take money out when they needed it.
She said: "For me, the most important thing is to get people into the habit of saving. Pensions are just one product."