Over-50s to cut pension contributions if base rate hiked

The study claims 40% of over-50s who still work say increased interest rates would lead them to reduce pension contributions to keep up with mortgage, credit card and loan repayments. LV= estimates some 44% of over-50s and 34% of people aged 60-69 who work still have outstanding mortgage debt. The Bank of England's Monetary Policy Committee (MPC) is set to meet tomorrow to discuss interest rates, which have been at a historic low of 0.5% for more than a year-and-a-half. Interest rate rises will also have a double-whammy effect on the over-50s, LV= says, as some 1.2 million working ...