Prudential: Pension contributions have halved

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Prudential: Pension contributions have halved

People are saving less money towards their pensions, according to a new study.

Voluntary pension contributions have almost halved in the past year, the Prudential research found.

Workers who pay into company and private pension schemes are paying £134 less a month than a year ago, it says.

The company says another worrying factor it uncovered is that more than half of respondents who are not currently retired do not contribute to a company pension scheme at all.

Women are more likely than men to not pay into a company pension scheme (63 per cent of women against 44 per cent of men).

Managing director of retail life and pensions Gary Shaughnessy said: "Reducing pension contributions may look like an attractive short-term option, but the reality is that continuing to save as early as possible is vital."

Other recent research by Prudential revealed that people retiring this year will have £5,000 less than the average income for a working adult.

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