Savers might be surprised at how much they need in their pension pot to fund this.

Figures we plugged into MoneyHelper’s annuity comparison tool showed a 65-year-old would need a pension pot of around £545,000, if they wanted to purchase an annuity that paid out enough each year to fund a comfortable retirement (i.e. just over £43,000 per year).

The amount will vary depending on your health and the sort of annuity product you want to buy, as well as market annuity rates at the point of purchase.

The quote we generated assumes the 65-year-old is in good health, and wants to purchase a single-life level annuity.