Local and small banks and above all building societies were along with occupational pension schemes, the mainstay of the thrift that allowed the middle class prosper.
Under rules governing occupational pension schemes, an individual can only claim pension benefits from the age of 55, unless doing so on ill-health grounds.
It was financed by members' contributions which were deducted from their pay, and has therefore been described as the world's first occupational pension scheme.
But millions of workers face paying more tax through increased national insurance contributions if they are currently part of final salary occupational pension schemes.
