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Workers risk debt by neglecting pensions

31/07/2009

According to research from Prudential, over 1 in 10 people with a pension have stopped making contributions over the last five years, with a growing number of people hoping they will receive enough retirement income from state pensions and savings.

The decision by some people to stop making contributions to their pension could trigger a rise in `pensioner poverty` and personal debt in years to come, according to the company.

Prudential`s Director of Defined Contribution Solutions, Martyn Bogira, said: "It`s worrying that many people who have been working for years and saving for retirement seem to have given up hope and stopped paying into their pension. This is the last thing they should be doing."

A spokesperson for Debt Advisers Direct commented: "People who choose not to contribute to their pensions may be risking their future security, and may have less protection against debt if any unexpected costs occur in the future.

"Some people may feel they are prevented from making pension contributions as a result of existing debts. Anyone having trouble with their debts should contact a professional debt adviser without delay."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

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