The Rule of 300 is broadly similar to the widely used “4% drawdown rule”, which suggests retirees need savings worth around 25 times their annual spending.

However, Standard Life warned that drawdown strategies carry more risk because pension income depends on investment performance and withdrawal levels.

The company said previous analysis showed a £100,000 pension pot could last for life if withdrawals stayed at £4,000 annually and investment growth remained above 5%. But the same pot could run out in as little as 13 years if withdrawals were higher and investment returns were weaker.

Please don’t let this happen to you.