Moving forwards, the Pensions and Lifetime Savings Association (PLSA) will now be known as Pensions UK. Importantly, they have also updated their Retirement Living Standards, which help people picture what kind of lifestyle they could have in retirement.

Over the past year, a substantial reduction in energy costs has seen the amount needed for the minimum standard of living in retirement decrease, whilst inflation has seen the amount needed for a moderate standard of living increase.

The Retirement Living Standards suggest a single person will need to spend £13,400 a year for the minimum standard of living, £31,700 for a moderate standard of living and £43,900 to be comfortable. For couples, the equivalent numbers are £21,600, £43,900 and £60,600 each year. You can explore in more detail on the Pensions UK website: www.retirementlivingstandards.org.uk