A weakened economy following the vote to leave the EU means savers will have to put as much as 22% of their wages into pensions.
Factors such as low interest rates, low returns on assets, and low gilt yields mean pension pots will have a slower growth before retirement.
According to Hymans Robertson, prior to Brexit savers needed to put away between 15% and 20%. However, following the 23 June referendum it believes contributions will now have to rise a further 2% to help savers in retirement.
The outlook is bleak, with the consultancy predicting 75% of the population have a low chance of saving enough for retirement, while before the referendum the figure was 65%.
In a webinar on 21 July, head of workplace savings Chris Noon warned less than fifth of the population would be able to hit the 22% savings target.
He said: "It is going to be much more expensive for us to secure long-term income in a relatively safe way. It is double whammy for individuals. We think the saving rate will move to between 17% and 22%. This is substantially more than current levels. It will mean upward pressure on AE and compulsion.
"If you do get lower asset returns, 75% of people will not be able to hit those targets. Almost half of the population have no chance of hitting those targets. Less than 20% will be able to. We are in a difficult position in terms of long-term savings."
Hymans Robertson warned although auto-enrolment (AE) developments are welcome, employees are likely to opt out as contribution rates rise towards 8% by April 2019.
Noon warned this would lead to savers facing difficulties in retirement, with many choosing to work for longer.
"We have seen high numbers of the population staying in AE, but as contribution rates increase, we expect to see less stickiness in AE. Retirement ages could move to the late 70s."
The firm added the current workforce is now likely to want to work into their late 70s in order to combat a low pension pot.
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