A study by Prudential found that 53% of couples have made no arrangements to ensure that when one partner dies, their pension will continue to pay an income to the surviving partner.

More than a quarter (28%) have yet to discuss the impact on pension arrangements of one partner’s death, while 19% have at least made a will but no other financial plans.

Women over 40 are most at risk with one in five currently planning to depend entirely on their other half for a retirement income, compared with just five per cent of men over 40. 

Vince Smith-Hughes, retirement expert at Prudential, said: “For couples looking to enjoy a comfortable retirement, organising and agreeing their income options should be a priority –long-term financial planning can be even more important than managing day-to-day-finances.”

Meanwhile, some 41% admit they have never discussed how they will turn their pension savings into an income in retirement.

A further 19% have discussed it but couldn’t agree on the best option, and less than a third (30%) of couples have reached a decision on the best retirement income option.

Only 10 per cent plan to purchase a ‘joint life’ annuity – where a surviving spouse, partner or dependant will continue to receive an income after the annuitant dies.

“Having open and frequent conversations as a couple about your retirement planning is definitely an important first step. However, making the right decisions on the best retirement income options – including what happens when one partner dies – can be daunting. That’s why seeking advice from a retirement specialist or financial adviser is just as important. There is also plenty of free information available from independent organisations such as the Money Advice Service and The Pensions Advisory Service,” said Smith-Hughes.