The survey coincides with speculation about how the UK government might tighten the tax screws on top-rate taxpayers' pensions.

UK wealth management firm Saltus says research shows that almost all high net worth individuals underestimate how much money they need to retire comfortably, and are almost £600,000 ($766.277) short of where they need to be.

Saltus surveyed 2,000 people in the UK with investable assets of more than £250,000. It asked how much they think they need in their pension pot for a comfortable retirement. 

Some 96 per cent of high net worth individuals underestimate how much money they need, the survey found.

At a time when the new Labour government might cut tax-free savings and pensions for high earners – thereby hitting available sums for retirement – the issue gains an added edge. There is speculation that Rachel Reeves, Chancellor of the Exchequer, will consider a 30 per cent flat rate of tax relief on pension contributions. Higher rate payers will pay an effective 10 per cent tax charge on their pension.

According the figures from the Saltus Wealth Index, more than a quarter (28 per cent) of those it surveyed thought they would need less than £400,000, the majority (65 per cent) thought they’d need between £200,000 and £800,000; on average, respondents thought a pot of £536,000 would be needed, while those over 55 thought they would need £661,650. 

In reality, retirement savings of just over £1 million are needed – £464,000 more than the average estimate and more than double the amount respondents nearing retirement have saved, Saltus said. 

According to the Pension and Lifetime Savings Association, for a “comfortable retirement” an individual needs an annual income of £43,000, which would require a pension pot of around £1.1 million, excluding the state pension.