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Over half of pensioners rely on benefits, perks and subsidies to continue their pre-retirement quality of life, research reveals.

The study found that 51 per cent of pensioners would be forced to make significant changes to their lifestyles if this range of benefits, discounts and concessions were not available to them.

A third had said that they would not be able to afford dental treatment without pensioner subsidies, and three in 10 said that public transport would be unaffordable without OAP concessions.

As for their quality of life, one in four had said “days out would be out of the question” if pensioner discounts were not available, and around one in 10 said they would not be able to afford a TV licence.

Earlier this year, it was also revealed that one in seven pensioners retiring in 2016 would be entirely reliant on the state pension.

Retired households, on average, receive a total of £11,227 a year in state pension, including housing benefit and attendance allowance.

Pensioners also receive substantial subsidies in healthcare and travel, which the Office for National Statistics estimates to be worth around £6,274 each year.

Perks, such as cinema and concert concessions, are also estimated to be worth around £88 a month.

In light of the research, experts have advised people to save as much as possible, in order to maintain the quality of life they had come accustomed to when working full time.

For advice on pensions savings, please contact the expert team at Birchwood today.