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Personal pensions contributions show a marked slide. Pearson May News Update - Tuesday 18 May
- Emergency Budget likely to see significant tax changes
- Personal pensions contributions show a marked slide
- Small firms want the Budget to tackle the deficit
Personal pensions contributions show a marked slide
Contributions to personal pension funds dropped significantly during the recession.
According to figures from HM Revenue and Customs (HMRC), the amount of money that was paid into personal pensions and stakeholder pensions fell by 5 per cent or £1.1 billion to £19.7 billion in 2008/09.
The amount for the previous year was £20.8 billion.
Most of the decline was accounted for by a drop in employee contributions, which were down by £1 billion or 16 per cent.
The fall was the first to be registered in over a decade.
The self-employed also cut back on their pension contributions, down by £200 million to £3.7 billion.
Employer contributions, on the other hand, saw an increase, climbing from £7.4 billion to £7.7 billion.
A change to the limits on personal pension savings, introduced in 2006, had led to a notable increase in pension contributions.
However, the recession, rising unemployment and pressures on personal finances appear to have brought the upward curve to an end.
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