'My husband doesn't know I don’t save into a pension. Do I have to tell him?'

I’m unconvinced by pensions. I’ve always heard so many bad things about pensions being taxed, losing money on the stock market or being stolen. I’ve never thought they were worth the hassle. Pensions are so complicated, I wouldn’t even know where to start if I did decide I wanted one.

I don’t believe the Government would ever let old people starve, so there will always be the state pension or benefits of one kind. I’m 52 and have nearly paid off my mortgage so my outgoings will be much lower when I have retired.

I’ve mentioned this to my husband but he is so pro-pensions he won’t even listen. He thinks that even though I don’t believe in them, I’ve still been saving into one at work. But I haven’t – I didn’t want to waste my income on it. Do I have to tell him? I wouldn’t mind saving a small amount like £10 a month but would it be worth it?

JJ, Hull

You are certainly not alone. Three in 10 women do not have any private or workplace pension and will rely on the state pension in retirement, according to research from Barnett Waddingham, a consultancy. Meanwhile 17pc of men are in the same position.

Pensions have a bad reputation for being overly complex and constantly evolving as the Government incessantly tinkers with the rules.

But it is worth knowing the basics so you can make a fully informed decision, even if you still decide they are not for you.

Pensions are incredibly tax-efficient, as the Government provides tax relief on anything you save towards retirement. This means that you only need to put in £80 for it to be rounded up to £100 when relief is paid, if you are a basic rate taxpayer.

That's not all – your employer also contributes. Since 2019 employers have been required to pay in 3pc of employees' salaries when they opt in to workplace pensions. You are required to contribute 5pc.

There are generous tax breaks when you start to draw your pension, too. While you pay income tax on the money you take from your pension in retirement, a quarter of it can be taken tax-free.

You may have heard news of the Chancellor looking to reduce tax relief or impose lower limits on how much you can save into your pension tax-free. But even if the Government followed through with these threats, pensions would likely remain a better option for retirement saving than the alternatives.

Pension scams are a real threat and you are right to be concerned but as long as you don't give your details away, especially to cold-callers, or invest in anything that looks too good to be true, you shouldn't have too much to worry about.

All that truly matters is that you have enough money to live on during retirement. The full new state pension currently pays out £179.60 per week, which is £9,350 per year.

Your mortgage will be paid off, which cuts your expenses. As you say, you won’t starve but will this be enough money to live on comfortably if you don’t have any other savings?

The state pension does not meet even the most basic of needs, according to the Pensions and Lifetime Savings Association, a trade body. It estimated pensioners required £10,500 a year to cover basic needs and enjoy the odd social occasion.

A moderate lifestyle would require an income of £29,100 each year for a couple, the trade body has calculated. If both you and your husband are entitled to the full state pension, that would add up to £18,700.

The good news is that your husband has been saving his money for the future so you may be closer to that target.

However, he may be shocked to find that you have not put anything aside for all these years. You are not obliged to share your finances with anyone, including your husband, but that doesn’t mean it is fair to keep it from him. He may be planning a vastly different retirement to the one he will be able to afford, through no fault of his own.

He should at least be aware, otherwise he would almost certainly find out in a decade or so when you leave work. Telling him doesn’t mean that you have to change your ways – whether or not you save into a pension will still be your decision.

You may not be concerned about money if you expect to inherit a large sum between now and then. It may be that you have other properties you can get rental income from or sell. You may have a large savings pot.

But if you don't and you decide you will need more in retirement than the state pension, then you should start putting money aside very soon. It’s never too late to start saving for retirement but the sooner you start, the better off you will be.

What do you think? Let us know in the comments section below and by emailing moralmoney@telegraph.co.uk.

You can also put any question to us (anonymously if you want) using the email address above.

Last Moral Money: 'I lost my grandad’s £12k Rolex – can I replace it with a knock-off and hope he doesn't notice?'

I have done something truly terrible and I don’t know how to fix it. My grandad said I could wear his old Rolex watch to my older brother’s wedding last month and I felt really honoured because it’s his prize possession. Every day of my life he has worn that watch and he’s very proud of it. He once told me it’s worth £12,000 and said I could borrow it when I turned 18, which was earlier this year.

The wedding was a small event because of the Covid rules so I thought it would be tame. My brother and his wife had bought too much bubbly, expecting to be able to have more people there. I got carried away and can’t remember anything after midnight. When I woke up the watch was gone and I couldn’t find it anywhere. I spent the whole day crawling around the place but it’s lost.

I’m devastated and so angry with myself but I haven’t been able to face my grandad. He has asked for it back but I keep saying I forgot it at home. I’m about to start university and don’t have any money at all, I can’t buy a new one. I feel so guilty, especially because my dad had been promised that watch as part of his inheritance.

I’ve been looking at cheap fake Rolexes that look the same, would it be awful if I gave him a knock-off? I’m not sure he would know the difference.

KB, Manchester

Poll results – Should our reader return a fake watch to his grandfather?

Yes, that way nobody gets hurt: 2pc

No, he should confess to losing the watch: 96pc

No, he should keep quiet and do nothing: 1pc

Other: 2pc