Expert advises savers not to forget about pensions

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Expert advises savers not to forget about pensions

Tue 31st Mar 2009

People looking to save their pennies during the current recession have been advised not to let their pension contributions slip.

Although many people may consider putting money into their savings in case they are made redundant or fall on hard times during the economic slowdown, Julian Webb, head of UK defined contribution pensions at Fidelity International, urged people not to forget about pension plans.

"At the moment people are focusing on reducing debts, which is very sensible... but retirement is non-negotiable," he said.

Mr Webb continued: "Anyone who starts providing for [retirement] early in life will generally do better than someone who waits until later on."

From 2012, all eligible workers who are not already in a good quality workplace scheme will be automatically enrolled into either their employers' pension scheme or a new savings vehicle under plans set out by the government.

However, Fidelity International has warned that waiting until 2012 could cost an employee £175,000 in the long-term.

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