Many people do not comprehend how much cash they need to save in order to enjoy the standard of living they want to during their retirement, it has been asserted by an independent pensions advice organisation.

Technical director at the Pensions Advisory Service Des Hamilton stated that the occurrence of "fundamental changes" in company pensions schemes means that responsibility is placed much more "on the individual" and that many complacent consumers are presently "not doing enough".

Mr Hamilton added that many people think once they have entered into a company pension scheme they are adequately providing themselves financially for their retirement and that the firm's scheme will provide them with adequate monetary support for their senior years, but that is not the case.

Research published by Scottish Widows last month indicated that 42 per cent of over-55s believe that the state pension is insufficient to support their desired standard of living.