Brits 'having to cut back on pensions'

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Brits 'having to cut back on pensions'

Wed 15th Apr 2009

A poll conducted by Fairinvestment.co.uk has revealed that many Brits are having to cut back on their pension contributions because of the credit crunch.

The survey found that 20 per cent, or one-fifth, of cash-strapped people in the UK are cutting down their monthly pension contributions because of the fall in their disposable income.

Sharon Bratley, a chartered financial planner for the website, recommended that Brits seek help from an independent financial adviser who can conduct a pension review in order to maximise their returns.

However, she added: "Pension contributions are important, but obviously if someone has just lost their job they should be focusing on things like mortgage repayments."

Recent figures released by the Office of National Statistics show that increasing numbers of people are being made redundant. There are now around two million unemployed people in the UK.

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