Pensioners Face Rising Bills And Uncertain Future

The economic slowdown has hit pensioners’pockets hard, with many now needing to carry on working past retirement age. The Prudential hasrecently revealed that 35% of its pension scheme members have frozen payments because they can no longer afford them. Of even more concern is that 43% of those that froze payments said that they have no plans to resume payments at a later date.

The news comes hot off the heels of a National Association of Pension Fund(NAPF) survey that revealed 48% of working adults have ‘no confidence in pensions’, with 6 out of 10 believing their pension will not be enough to live on in retirement.  In fact, a recent poll by LV revealed more than 2m over 50s are planning on using equity in their home to fund their retirement.

NAPF’s chief executive, Joanne Segars, said “It's understandable that unemployment or tight household budgets are prompting people to question their pension. But we'd urge them not to quit, even if it means paying in the very minimum to keep the pension going”

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