Pay rises unlikely to lead to pension contributions rise, IFS says

The IFS report - When and why do employees change their pension saving? - published today (24 February), found savers failed to utilise substantial changes to their financial circumstances, such as a pay rise, to increase their pension contributions and boost their retirement savings. The findings discovered less than one in 100 private sector employees opted to increase their pension contributions in response to a 10% pay rise, including employees aged between 50 and 59 years old, putting them at increased risk of having insufficient income in retirement. The institute noted other su...