Pension warning: Britons choose ‘rainy day savings’ over preparing for retirement

“Still, we believe that being invested – and staying invested over the long-term – enables compound interest to work for savers throughout their working lives and allows their capital to work much harder for them.

“It is imperative to stress the need to stay committed to pensions throughout these months of uncertainty, particularly in light of the potential ‘lower forever’ rate environment for savers.”

Mr Cave said the view of BlackRock was that Britons should be putting away at least 15 percent of salary over time.

This, he added, should be combined with the right level of portfolio risk versus return in terms of investments.