I think you have really dissed the probable best way of saving for old age which is either a personal or works pension , this is really the best way to get a decent return for yourself and help yourself in your old age .
Remember the tax relief on contributions which is very generous and also the 25% tax free lump sum bonus at 55 or older.
To me the only bad thing about pensions is that you have your best years behind you when you begin to enjoy the defered wages from your youth , which is what a pension is anyway.
I am certainly glad I saved for many years mostly in the eighties and nineties .
The small amount I saved in the noughties and later have not amounted to much as they have not had time enough to grow.
Pension cash beats any saving (Or so called investing) hands down.