While the new state pension only pays a maximum of £11,502 a year – and many on the basic state pension get much less – it would be hard to replicate this income from your own resources.

A pensioner who use their combined pension pots to buy an annuity at retirement would need a staggering £223,434 in savings to generate the same level of income, according to new research from fund manager Fidelity.

In fact, they would need even more than that, because people typically buy an annuity…