Three in 10 people are overestimating their future state pension payments, some by as much as £50,000 over the course of retirement,Which? has found.
We quizzed 2,000 members of the public about the pension system, including key rules around how you can access your retirement savings, and how the state pension works. The results revealed some worrying knowledge gaps.
Meanwhile, a quarter (25%) of savers wrongly thought that figure was £175 a week or £9,100 a year.
While this is the full level of the new state pension, not everyone will get this. Your entitlement depends on how many years of National Insurance contributions you have, and whether you of the additional state pension.
Those who reached state pension age before 6 April 2016 receive £148 a week, on average, while people receiving the new pension get a weekly average of £158.
4% of people wrongly thought that the state pension is worth £200 a week or £10,400 a year on average.
This means people may be overestimating the amount they will get from state pension by as much as £49,400 over the average length of retirement (66 to 85).
Most respondents (35%) thought the state pension was 67, but this increase won't happen until between 2026 and 2028.
Just one in five (18%) people knew you have to make at least 10 years of NI contributions to get any state pension at all.
One in 10 (11%) thought it was either five years or none at all; 36% said they didn't know.
In comparison, people scored relatively higher correct scores when asked about private pension rules.
This age will rise to 57 from 2028 amid fears that allowing savers to access their savings at 55 could lead to some running out of money later in life.
Around four in 10 (43%) of people knew that thanks to you now have the option to cash in an entire defined contribution pension, arrange an or use to keep your money invested and withdraw lump sums. You can also use a combination of these options.
While four in 10 (40%) people we surveyed knew that Pension Wise is the name of this service, fewer than one in 10 of those eligible have actually used it, according to the Pension Wise's own evaluation.
On average, people scored just four out of a possible 14 in our quiz, which is perhaps unsurprising given the complexity of the pension system.
Which? has long called for the introduction of a pension dashboard, which would allow savers to see all of their pensions (including the state pension) in one place online, putting them in a stronger position to plan for retirement.
Despite first being announced in the 2016 Budget, the launch of a prototype dashboard has been pushed back to 2023 - four years after the initial deadline for the scheme.
Which? is calling on the government, regulator and industry to ensure the dashboard is delivered as a matter of urgency for consumers, to help millions of people to more easily and understand them better.