Over a third (34%) of people said they don’t know how much they need to contribute to their pensions every year to give themselves a decent income in retirement, Hargreaves Lansdown has revealed.

The financial services firm’s latest survey of 2,000 people found that 18% said they should be saving between 6% and 10% of their salary per year, while 17% said that this figure should be between 11% and 15%.

Hargreaves Lansdown revealed that 14% of higher rate taxpayers said they were unsure about how much their pension contributions should be, compared to 35% of basic rate taxpayers.

Despite this, the firm said that higher earners are at risk of under saving.

Head of retirement analysis at Hargreaves Lansdown, Helen Morrissey, said: "Being in the dark about such a key figure puts us at risk of thinking we are on track when we aren’t. Some may even worry unnecessarily when the reality is that they are saving more than enough. Being aware of what you need means you can put a plan in place to get you there and have the confidence to know you are on track.

"Boosting your contribution every time you get a payrise or new job is one way of getting more into your pension. You can also make sure you are making the most of your employer contribution. While many will contribute at auto-enrolment minimums there are others who are willing to contribute more if you do. This is known as the employer match and can really give your retirement planning a significant hike if you have some extra cash that you can put into your pension.

"Once you’ve got your pensions together you may decide to consolidate them. This can save time, money and administration. It will also give you a better sense of what you really have, so you can make better retirement decisions."

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