The company created the league table based on their Select Sipp customers.

Six of the ten positions on the table were locations in the South-East of the UK, while only two places were in the North.

Hertfordshire fared particularly well with both the first and third positions being located in the county.

Hemel Hempstead had an average value of £158,975 while Watford, in third position, had a value of £151,916.

In second position was Sheffield with a value of £153,380.

The first four places all had values of more than £150,000 but this dropped sharply to £122,039 for the fifth place, Doncaster, and below.

Other places on the list included Reading, Canterbury, St Albans and Taunton.

Steve Latto, head of pensions at Alliance Trust Savings, said: “Our postcode analysis research has shown there are significant variations in the average Sipp value depending on location. With increased life expectancy comes the added concern of just how many people are going to be able to afford to retire when they come to the end of their working life.

“The tax relief available on contributions makes pensions one of the most tax efficient saving vehicles for retirement.”