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25-Mar-08 11:15 [Research]
Homeowners stopping pension contributions Homeowners in the UK who are struggling to meet mortgage payments are thinking of cutting their pension contributions, according to new research.
The report, from the independent financial experts Brewin Dolphin, has revealed that over two million people intend to either decrease or stop their pension contributions in the next year.
Charlotte Black, of Brewin Dolphin, said: "Even the shortest payment break could have serious consequences for the income a pensioner has in retirement."
According to the research, the most likely age group to be making cuts to their contributions is the 25-34 age range.
People in London were the most probable to be making changes to their pension contributions, while the south-east and east-Anglia were the next most likely areas.
The current challenging financial climate is what is causing people to alter their pension payments, it is believed
In related news, Royal Mail believes that its finances are in such poor condition that its pension fund trustees may put it into liquidation.
A report by the British Chambers of Commerce (BCC) has predicted a rise in unemployment of up to 300,000 over the next few months due to recession.
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British workers have been encouraged to read during their breaks to develop a healthy mind, as opposed to smoking or similar activities, it has been revealed.
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