Over a quarter (29 per cent) of UK adults, equal to around 15 million people, say they do not have a pension, increasing to as much as 44 per cent in some areas amid “big regional differences”, research from Interactive Investor (II) has found.

The survey, conducted by Opinium, found that whilst 52 per cent of people have at least one pension, and 17 per cent have “several pensions”, a “significant group” does not, with a further 3 per cent of respondents unsure if they have a pension.

Younger adults were more likely to state that they did not have a pension, with 35 per cent of 18-34 year olds confirming that they do not, compared to 31 per cent of 35-54 year olds, and 22 per cent of those aged over 55.

The proportion of women who stated that they do not have a pension was also higher compared to men, with 31 per cent stating that they do not have any retirement savings of their own compared to 26 per cent of men.

In addition to this, the research highlighted "clear" regional differences, with those in the North East being the least prepared for retirement, with 44 per cent saying they do not have a pension.

This was followed by the East and West Midlands, where 34 per cent of people stated that they did not have a pension.

In Northern Ireland and Scotland, 18 and 22 per cent admitted to not having a pension respectively.

Interactive Investor head of pensions and savings at interactive investor, Becky O’Connor, explained that these regional differences may reflect "decades of employment and income trends", which have likely been exacerbated by the pandemic.

More broadly, O’Connor, highlighted the high proportion of people who say they do not have a pension in this survey as "deeply worrying", stressing that all adults should have a pension.

“The findings should concern government and industry as it suggests the problem of poverty in old age will steadily worsen over the coming decades, particularly as more generous defined benefit pensions become a thing of the past and today’s army of self-employed people, who are less likely to have a pension, reach a point where they stop work," she stated.

"Even those with defined contribution workplace pensions may find their pot doesn’t generate enough income in retirement."

Indeed, O'Connor stated that, in light of the findings, any moves to cut incentives to save for the future, such as pension tax relief, would not seem wise, arguing that the government would only have to pick up the bill in the form of higher benefit payments later on, if people have nothing of their own to fall back on when they retire.

"Equally the findings underscore the need for the protection of the state pension through the triple lock," she emphasised.

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