One in eight still retiring with no pension: Prudential

However this is lower than the 14% who were in this position in 2017 and nearly half the 23% recorded in 2008.

Women are more likely to have no retirement savings - 18% will retire without a pension this year compared with 7% of men, but the gap is narrowing over time. In 2016, 22% of women had no retirement savings compared with 7% of men, while in 2008 32% of of women were retiring without a pension.

For the 10% relying on the State Pension, their income will be £164.35 a week, or just over £8,500 a year.

Taking the JRF’s Minimum Income Standard of £192.27 a week for a single pensioner, which is a benchmark of the income required to support an acceptable standard of living, those relying on the State Pension will fall short of the minimum standard by £27.92 a week, or £1,452 a year.

On average, people expecting to retire this year estimate that the State Pension will account for more than a third (33%) of their income in retirement.

Of those retiring in 2018 who do have a pension of their own, two fifths (42%) have the majority of their pension in a workplace final salary scheme, one in eight (13%) have their savings in a personal pension which is not through their employer and 12% have the majority in a workplace defined contribution scheme.

Stan Russell, retirement income expert at Prudential, said: “The long-term trend for the number of people retiring without a pension is down and that is good news. But there is still some distance to go and it is worrying so many people will be entirely reliant on the State Pension for their income in retirement.

“While the State Pension is an important part of retirement income, it shouldn’t be the only part and those still in work should if at all possible be contributing to a pension and saving towards their retirement. It is never too early to start saving into a pension and even a small amount each month can make a difference and help from a professional financial adviser can be invaluable in helping plan for retirement.”