Financial and technology services firm True Potential asked more than 2,000 savers about their plans for financing their retirement.
Of those aged 55-64, 76 per cent have not considered or do not know how they will take an income or a lump sum from their pension. That figure rises to 82 per cent of those aged 65 and over.
True Potential's research has confirmed that annuities remain unpopular among savers, with only five per cent of all respondents saying they would choose this option.
However, when savers were asked to describe what matters most from a pension, annuities featured prominently.

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True Potential managing partner David Harrison, said: "It is ironic that people describe annuities when asked how they would like to fund their retirement, but very few are prepared to purchase one and have been put off. That shows what happens when companies take their clients for granted and why the market needed to be shaken up."
Forty three per cent of respondents believed a consistent income in retirement is the most important factor. With savers afforded more control than ever over their own funds, the extra flexibility has been broadly welcomed by the pensions industry.
But some experts have warned that many pensioners may be tempted into splashing out on expensive items, leaving them with little to live on.
True Potential also believes there is a danger that uncertainty among savers may cause them to rush into the wrong decision, ultimately getting a poor deal on their savings.
Mr Harrison, said: "My main concern is that many thousands of people on the brink of retirement now find themselves with new options that they are either not aware of or do not fully understand. In those circumstances, there is a high possibility of making the wrong decision and regretting it later.
"The main message we can take from these results is that there is indecision in the market at present. That is not uncommon in the aftermath of significant changes such as those we have seen in pensions, but it does mean there is now some urgency to explain what new options are available to savers.
"While people may not be familiar with the term 'income drawdown', the trend is towards having more control over our own money."
Eighteen per cent of those surveyed say they haven't thought about a pension yet, rising to 29 per cent of those aged 18-24 and 24 per cent of those aged 25-34. In addition, 36 per cent of British consumers have put nothing towards their pension pot in the last three months.