A pensioner entitled to the full new State Pension currently receives £9,340 a year which would rise to £10,087 from next April if average earnings growth reaches eight percent and the government applies the current ‘triple lock’ rules.

However, Just Group’s analysis shows that even applying a theoretical eight percent rise, State Pension income would still be £730 a year short of the £10,816 Minimum Income Standard, the annual income needed to provide an acceptable minimum standard of living.

Stephen Lowe, group communications director at Just Group, said: “The findings show the State Pension alone will provide a very limited retirement income.

“Pensioners should check they are claiming all of the benefits they are due and plan ahead of retirement.

READ MORE: State pension warning: Triple lock is a ‘ticking time bomb’