Credit crunch causes pension crash

Mon, 17 Nov 2008

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 .
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