One third of people stop paying into pensions

New research has shown that a third of workers have stopped paying into their pensions as they can no longer afford them. The survey by the Prudential has found that ever tightening household budgets and redundancy were the main reasons for people stopping contributions to their pensions; worryingly almost 50% of those who have stopped making contributions say they have no plans to start payments again. Retirement The reduction in the amount being saved into pensions will have a knock on effect on people’s income when they come to retire and could increase the levels of long term financial hardship. Experts generally recommend that ...