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Around a third of Brits have put pension contributions on hold

By Tom Farley, Wed 28 Sep 2011 - Published in Pensions

More than a third of UK pension scheme members have put their contributions on hold, according to Prudential.

The firm's research revealed 35 per cent of Brits who have not retired yet have stopped putting money into their pension pots.

Its report highlighted that for a third of people who have done this, it is because they are out of work.

On top of this, more than two-fifths of those who have stopped their pension contributions stated they do not plan to start paying them again.

Vince Smith-Hughes, head of business development at Prudential, said: "Abandoning your pension pot really should be a last resort when times are tough.

"By getting into the routine of saving into a pension as early as possible, savers will be able to ensure the comfortable retirement that they deserve," he added.

Research by LV= recently revealed that nearly a third of over-50s have stated they are planning to use equity in their property to help fund their retirement.