According to research by financial services company Prudential, defined contribution pension scheme contributions have slumped due to the credit crunch.
The defined contributions director at Prudential, Martyn Bogira, reportedly commented: "It is staggering to see how much UK pension contributions are being scaled back as people look to reduce their outgoings but while a pension fund may seem a relatively pain free way to increase disposable income today, the impact of this in retirement will be significance. We would urge people to think carefully before cutting pension contributions as it is vital that they build a strong savings pot to ensure they are in the best position possible to enable them to enjoy a comfortable retirement."
The research found that 18 per cent of workers had cut back on their pensions contributions, with one in three of these not sure when they could increase the amount they save into a pension .
Credit crunch causes pension crash
Pensions Quote Line
0845 108 0505
Credit crunch causes pension crash
Mon, 17 Nov 2008
Recommended links
Pensions enquiry formPensions top results
Pensions planning
Switching pensions
Expat pensioners losing money
Final salary pension warning
Catching up on pensions
Pension trouble 'not just caused by tax credit removal'
Rural pension credits less likely to be claimed
Credit crunch could hit unconventional pension savings
Over 3 million receive Pension Credit
| pensions news |
|---|
| Sipps need to be taken to where the most money is - Thu, 02 Sep 2010 |
| NAPF: Pensions tax relief changes risk ensnaring non higher earners - Wed, 01 Sep 2010 |
| Pension fund deficits a worry for workers - Tue, 31 Aug 2010 |
| More News |
Pensions Newsletter
Monthly pensions news, provider info & more.
Transferring a Pension
Learn more about pension transfers and enquire about transferring your pension.
SIPPs
Read up on Self Invested Personal Pensions and take control of your pension fund.