More than half (57 per cent) of those approaching retirement don’t know how much income their pension and savings will generate, according to new research.

Standard Life’s survey of people between 50 and 65 who expected to retire also showed that just 39 per cent of women knew what their retirement income would be, compared with 46 per cent of men.

While 46 per cent of respondents who were married or in a civil partnership knew their retirement income, only 37 per cent of those who were divorced or separated and 34 per cent of those who had never married could say the same.

Just over a third of Londoners (34 per cent) knew how much retirement income they would receive, while more than half (52 per cent) of residents in the East of England were informed.

The study also found that over half (53 per cent) of people considered themselves ‘knowledgeable’ about their retirement options, with 57 per cent of men and 48 per cent of women being confident in their understanding.

People in the East of England were the most confident, with 60 per cent comfortable in their knowledge of retirement options, while only 49 per cent of those in Yorkshire and Humber said the same, making it the least assured region.

Standard Life head of customer communications, Laura Laidlaw, said: “These findings are worrying, but in truth – they are not surprising. The fact is not enough people are taking advice in those crucial few years before retirement. The decisions made at retirement are big ones and have long term consequences.”

Laidlaw stated that though people spent “years accumulating a large amount of money in pensions and other savings” they were still confused about the choices open to them, adding that understanding the options you have for your savings is “key”.

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