Prudential U.K. Survey: More Than a Third of British Workers Have Put Pension Savings on Hold

More than two-fifths (43%) of those who have stopped paying into their pensions do not plan to start again, despite the long-term impact it will have on their retirement income, the survey says.

“Tightening your belt when times are hard is sometimes necessary, and putting pension contributions on hold might seem an easy way to save money,” says Vince Smith-Hughes, head of business development at Prudential. However, neglecting pensions today means throwing money away tomorrow, as savers will miss out on perks, such as tax relief and employer contributions.

“Abandoning your pension pot really should be a last resort when times are tough, he adds. “By getting into the routine of saving into a pension as early as possible, savers will be able to ensure the comfortable retirement that they deserve.”