Stat’s show that although more people are contributing to a Pension, they are now actually saving less per person. This may be due to the auto enrolment of many works at the minimum levels or people deciding to save for their retirement using different assets like Property, Bonds & ISA’s.-Daren O’Brien
.Although these can help, the tax benefits from Pensions still holds weight and shouldn’t be forgotten.
.Personal pension contributions hit a record high in 2015/16, with £24.3bn saved in these products, according to data from HM Revenue & Customs.
.The number of savers has also peaked, reaching 9m in the financial year ending in 2016.
.But the average annual contribution per individual has fallen from a peak of £3,690 in 2011/12 to just £2,690 in 2015/16
Are You Saving Enough For Retirement?
by Aurora Financial — Posted on September 26, 2017