The survey also found that the majority of UK adults are intending to use other savings and investments such as cash savings and Isas, investments, inheritance and equity release schemes.
Commenting that the research reveals the lack of confidence UK adults have in the existing pensions system, Mr Shaughnessy said the report makes "depressing reading" and "highlights how many people fear they will not be able to afford to retire".
"Non-pension savings, investments and equity in property all play a vital role in enabling people to maintain their lifestyle in retirement," he added.
In related news, recent research from Scottish Widows has claimed that only 49 per cent of people are saving adequately for their retirement.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.