Finance and Pensions & Investments Blog

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Over a million people have stopped making contributions to their personal pensions following the impact of the recession on their finances, The Telegraph reports.

The Pension Trends report, released by the Office for National Statistics (ONS), found that the number of people paying into personal pensions fell significantly from 7.6 million in 2008 to just 6.4 million in 2009, marking a fall of 1.2 million.

Moreover, personal pension contributions fell by more than £2 billion – from £20.9 billion to £18.7 billion – between 2008 and 2010, as so many people stopped making monthly contributions to their pension pots.

The ONS suggested that the effect of the recession on many people’s finances was the main cause for people stopping their savings – with rising inflation, pay cuts and increasing energy bills all squeezing household incomes.

Concerns have been raised that a generation of pensioners may not have enough money to live comfortably in their retirement as a result.

Lord McFall of Alcuith, chairman of the Workplace Retirement Income Commission (WRIC), commented: “At a time when people need to save more for a decent retirement they are reducing their commitments. This is a vicious spiral which needs to be addressed by the Government and the regulators. They must ensure that we promote a culture of saving in the UK.”