Retirement contributions fall by £342 a month

Retirees are saving less for their future. People are setting aside less cash to fund their twilight years. A fifth of British workers nearing retirement have cut their pension savings by an average £342 a month, a report from online insurer LV= has shown. The figure equates to a loss of £4,104 a year and £11 billion in total nationwide, which is double the fall in pension contributions recorded in 2009 and slightly higher than 2010 losses.