More than half the UK’s workers aged between 50 and 65 years who are expecting to retire don’t know how much annual income they’ll receive from their pension and savings, according to new research from Standard Life.

A YouGov survey, which questioned 1,935 people aged between 50 and 65 who expect to retire, found just 43% had indicated they knew how much income they’d have in retirement – with the research also suggesting that women (39%) were less likely to know about their post-work income than men (46%).

Backing up the FCA’s estimate that 100,000 people enter drawdown every year without taking financial advice, Standard Life’s study also found 53% of respondents considered themselves ‘knowledgeable’ about their retirement options. The pension provider added that more men (57%) considered themselves knowledgeable than women (48%).

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.

“Many spend years accumulating a large amount of money in pensions and other savings, but really don’t know what that might mean, how much income they can reasonably expect to receive and how best to take that income.

“Understanding the savings you have, and the options you have with those savings is key. Taking advice can help to give you peace of mind that the choices you make when accessing your savings are right for you.”

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