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Martin Lewis has shared his rule for saving for a pension, and says that many people are not on track to get there. The idea of not having enough money for retirement is quite frightening for a lot of people, and it can be an overwhelming thought. However, it is still important to know how much you've put away and how much you should start to put away for retirement. Money Saving Expert Martin Lewis has shared his rule of thumb, a quick formula to help people work out how much they will need.

It comes as the Department for Work and Pensions (DWP) has warned that 15 million Brits are not saving enough towards their State Pension. "45% of working-age adults - around 18 million people - are not saving into a pension at all, despite nearly half of them being in work," a recent report states. Use Martin Lewis' simple equation to work out how much you should put into your pension pot every month.

He says that you should identify the age at which you started contributing to your pension. Then, halve that. That is the percentage of your monthly earnings you should put into your pension pot.

For example, if you started contributing to your pension at age 40, you should put away 20% of your income for retirement. However, if you started contributing at age 30, you would only put in 15%.

"Most people, unfortunately, won't get there," Lewis warned. "Yet the real message to take is that the earlier you start, the better, as you've longer for gains to compound."

Pensions commissioner Baroness Jeannie Drake recently said: "Over the past two decades, since the Turner Commission, there is no doubt pensions reform can be described as a success. There is no doubt that pensions reform can be described as a success. Yet the second Pensions Commission is looking forward and seeing many people not saving enough and millions not saving at all.

"This demands a renewed national settlement on pensions. Achieving this will require clarity of purpose, but it also offers a moment of opportunity to renew a social contract that commands confidence across the country.

"The recommendations we present in our final report will address the need to secure adequate income in later life and a pension system that is fit for decades to come."