🔴 People on low incomes are being forced to reduce their pension contributions as the cost of living crisis continues, experts have warned
Reducing or halting payments into a workplace or personal pension may free up some cash in the short-term forand day-to-day living, but people may suffer down the line when they need a decent income to retire, advisers say.
Martin Willis, of the Society of Pension Professionals, said pension providers had initially indicated contribution levels were being maintained but now “this does seem to be changing”. “It’s also important to differentiate between short-term and long-term considerations – the current economic climate does not change the fact that even before this, many weren’t saving enough for retirement and any reductions should ideally be short-term with a view to increasing saving for retirement in the long-term.”
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