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Don't forget pensions, warns NAPF

Britons have been warned not to neglect paying into a pension, despite the spending squeeze being felt across the country.

The National Association of Pension Funds (NAPF) has urged consumers to stash away what they can, after new Government figures showed the number of people paying into an occupational pension has tumbled to its lowest level since the mid 1950s.

The NAPF acknowledges unemployment and the rising costs of living make paying into a pension more difficult, but warned of problems in the future if this was sidelined.

Joanne Segars, NAPF chief executive, said: "While it's understandable that spending gets prioritised during difficult times, it's essential that people don't forget about their retirement.

"It's astonishing that pension uptake has slumped to such a low level, and with a greying population living longer and longer, it's the last thing our society needs.

"People are thinking about today and putting tomorrow on hold, and unfortunately saving into a pension is being seen as a luxury."

She said record low confidence in the private sector has led to a considerable "exodus".

Copyright © Press Association 2011

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