News Article - 24 May 2012
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Britons are continuing to cut pensions savings, as living costs soar and consumers struggle with debts.

According to a new poll of 1,500 adults by Prudential, the retirement outlook for many people is poor, with the number of voluntary pension contributions halved over the past 12 months.

The survey found that those paying into company and private pension schemes have slashed their average contributions by £134 a month over the year.

Household finances have been squeezed by the recent global credit crunch, with both middle income and lower income families affected.

Gary Shaughnessy of Prudential said: "It is concerning to see the amount adults are paying into schemes has fallen. With rising prices and a squeeze on savings, reducing contributions may look like an attractive short-term option, but continuing to save as early as possible is vital."

Another survey by stockbroker Brewin Dolphin discovered that one in ten pension savers is expecting to reduce, pause and stop pension contributions over the next 12 months.

Companies are advised to invest in accounting software in order to keep on top of their pension reponsibilities.

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