Friday, September 09, 2011

Fall in pension contributions storing up problems for the future

Worrying news from the ONS about the impact of the recession on pension contributions. 

Total contributions to personal pensions fell from £20.9 billion in 2007/08 to £18.7 billion in 2009/10, largely due to a fall in the number of people contributing during the recession.

There was a sharp fall in the number of people contributing to personal (including stakeholder) pensions during the recession, as many people who had previously made small contributions stopped contributing.

Congratulations to the ONS for issuing some of its stats bulletins in a video format. A really good idea.

I am afraid that the trend to 'borroow' from the future to pay for the present is going to be a fact of life for both consumers and governments. Dick Stroud

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