LV= addresses fall in pensions calculator contributions

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LV= addresses fall in pensions calculator contributions

Wed 25th May 2011

Insurance company LV= has unveiled figures revealing a decline in contributions to pension schemes among British people.

Statistics show that one-fifth of people nearing retirement age have reduced their savings by an average of £342 per month.

Published in the company's annual State of Retirement Report, the findings record a loss of £11 billion in savings during the previous twelve months.

Workers with private sector pension schemes were found to be the individuals making more significant reductions to their contributions in the past year.

Despite increases to job losses among employees in the public sector, workers with private pension plans cut their savings by £434.

LV='s head of pensions Ray Chinn said: "The coalition government has proposed and made a significant amount of changes to our pensions system which is yet to register with many people in or nearing retirement."

Previous research conducted by the insurance company revealed that people would be more likely to contribute to pension schemes if they were given the chance to access them earlier.

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