A third of workers are reducing or stopping pension contributions

This has risen to 49% of workers aged 18-34. The findings carried out with over 6,000 UK adults between 1 and 8 August 2023, found that one in ten (12%) pension savers are reducing the amount they pay into workplace savings. The cost of living (55%) and, specifically, rising mortgage costs (15%) are two of the main reasons. Royal London said that stopping pension savings may increase take home pay by £1,404 per year but means losing out on £4,092 pension savings a year for workers earning £35,000. The analysis also noted that pension contributions attract tax relief on the money th...