Pension contributions fall in recession, ONS reveals

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Pension contributions fall in recession, ONS reveals

The recession has triggered a sharp fall in pension contributions, according to recent figures released by the Office for National Statistics (ONS).

Deposits fell in 2009-10 by £2.2 billion from the previous year, largely due to the small contributions many people made to stakeholder pension schemes halting due to tighter household finances.

In response to the figure, Age UK said that while some falls were to be expected in leaner economic periods, the extent of the drop was "extremely worrying".

Charity director Michelle Mitchell continued: "Too many people are devastated when they retire as the gap between expectations and the reality of what they will actually receive for a pension is realised."

She added that there was a clear failure in the market towards savers, particularly those with pension pots of £10,000 or less - which actually counts for a third of current funds.

Age UK advised people to shop around for an annuity offer which could help to bolster their funds.

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