Concern that too many rely on State pension

Nearly a third of those questioned by insurer Prudential either do not know how much the basic State pension pays or overestimated the individual weekly amount by £25 or more.

“Given that so many people expect to retire on the basic State pension, there is still a clear need for people to understand the consequences of not making adequate provision for their retirement,” said spokesman Martyn Bogira.

The State pension pays just £95.25 a week for a single person and £152.30 for couples.