The percentage of adults in this country with some form of private pension investment remains stable at 46% according to the annual pensions index survey by Friends First.

Of those without a pension the numbers expecting to retire on the State pension only, has increased from 40% to 44% - that’s some 900,000 people.

The survey found that while household income had increased in the case of two out of every five people questioned, pension investment is not a priority for most people enjoying some increase in disposable income.

Short to medium term saving is the priority for most people, followed by home improvements, and holidays - pension investment is only a priority for one in ten respondents.

On a positive note, the only age category that recorded growth in private pension ownership is the 25-34 year old age bracket – up three percent to 39%.