UK adults face a significant shortfall in the amount of pension savings they have at retirement compared to what they wanted to retire on, new research has found.

On average, retirees had hoped to build up a pension pot of £250,000. However, the average amount that they accumulated by retirement was £131,000, new data from Standard Life has found by surveying 6,350 UK adults.

Based on current annuity rates, a pot of £250,000 could lead to an income of £1,007 monthly, or £12,091 a year,…