• About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
Friday, September 22, 2023
Invest Daily Pro
  • Top News
  • Economy
  • Forex
  • Investing
  • Stock
  • Politics
  • Editor’s Pick
No Result
View All Result
  • Top News
  • Economy
  • Forex
  • Investing
  • Stock
  • Politics
  • Editor’s Pick
No Result
View All Result
Invest Daily Pro
No Result
View All Result
Home Forex

Cost of living squeeze hits pension contributions

by
August 4, 2022
in Forex
0
Cost of living squeeze hits pension contributions
0
SHARES
17
VIEWS
Share on FacebookShare on Twitter

More than one in ten adults have stopped contributing to their company pension or are planning to stop because their incomes have been squeezed by the cost of living crisis.

About 5 per cent of adults have ended contributions into their pension pots to save money as inflation hits a 40- year high of 9.4 per cent.

A further 6 per cent are thinking about pausing contributions and 9 per cent may consider doing so, according to an Opinium survey of 2,000 adults commissioned by Canada Life, the insurance and financial services group.

About eight in ten working adults had a pension in April 2020, up from fewer than five in ten in 2012 before the automatic enrolment scheme — which requires eligible employees to opt out rather than opt in to a pension — was introduced. The proportion of working adults with a pension rose until 2020, the first year to record stagnant levels of participation, figures from the Office for National Statistics show.

Modelling by Canada Life found that if a worker on £50,000 and 8 per cent pension contributions opted out of a company scheme for a year, it could, depending on their age, lead to a 4 per cent fall in the value of their final pension. Andrew Tully, technical director at Canada Life, said employees considering rejoining their company pensions should be aware they can typically only choose to start or stop contributions once a year.

“It’s understandable that people feeling the pinch are considering opting out,” he said. “Affording food and heating will take priority over saving. However, it’s important to remember to rejoin a scheme as their financial situation improves.”

The squeeze on household finances is expected only to worsen as the year goes on. The Bank of England expects that inflation will exceed 11 per cent in October, when winter energy bills are calculated. The Bank’s rate-setting committee meets today to decide whether to raise interest rates for a sixth consecutive time.


ShareTweetPin

Related Posts

2022’s top-paid professionals: pilots, developers, mathematicians — PSA
Forex

2022’s top-paid professionals: pilots, developers, mathematicians — PSA

September 22, 2023
Crypto play-to-earn game craze highlights urgent need for awareness — expert
Forex

Crypto play-to-earn game craze highlights urgent need for awareness — expert

September 22, 2023
Set aside 5 minutes to check these 5 cybersecurity mistakes and secure your business
Forex

Set aside 5 minutes to check these 5 cybersecurity mistakes and secure your business

September 22, 2023
Bumper tax revenues resulted in UK public borrowing lower than expected in August
Forex

Bumper tax revenues resulted in UK public borrowing lower than expected in August

September 22, 2023
Warner Bros confirms huge expansion of Watford studios
Forex

Warner Bros confirms huge expansion of Watford studios

September 22, 2023
First Atkins Group completes land purchase for its 8th cold storage
Forex

First Atkins Group completes land purchase for its 8th cold storage

September 22, 2023
Next Post
Poundland to cut prices and open 25 new stores

Poundland to cut prices and open 25 new stores

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

PEZA-approved investments decline

PEZA-approved investments decline

October 16, 2022
BI to hold alien registration at Robinsons Manila

BI to hold alien registration at Robinsons Manila

October 31, 2022
PHL June trade falls vs May

PHL June trade falls vs May

September 3, 2023
Philippine property prices jump in Q4

Philippine property prices jump in Q4

March 31, 2023
Welcome rise for UK car production

Welcome rise for UK car production

March 30, 2023
Light battery for fisherfolk has potential to treat wastewater

Light battery for fisherfolk has potential to treat wastewater

August 12, 2022
Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
    • About Us
    • Privacy Policy
    • Terms & Conditions
    • Contact Us
    • Email Whitelisting

    Copyright © 2023 InvestDailyPro. All Rights Reserved.

    Disclaimer: InvestDailyPro.com, its managers, its employees, and assigns (collectively InvestDailyPro ) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    No Result
    View All Result
    • About Us
    • Contact Us
    • Email Whitelisting
    • Home
    • Privacy Policy
    • Suspicious engagement
    • Terms & Conditions
    • Thank You

    Copyright © 2023 SmarterNewsNow. All Rights Reserved.