Why stopping pension savings is not as beneficial as universal credit claimants think

Here's why stopping pension savings doesn’t help with cost of living as much as universal credit claimants think ⤵️

continues. The Pensions Management Institute has found one in five pension savers have either stopped or reduced their pension contributions in the last twelve months. A further 20 per cent could do the same over the coming months.

For some people, opting out of a pension pot could increase their monthly income to a level at which their universal credit payment reduces to zero.

“Whilst this doesn’t mean that those in very difficult financial situations shouldn’t opt out, people need to be sure they fully understand what they will save into take home pay, versus what they will lose in pension savings before they decide to act. As ever, the decision to opt-out should be strictly taken on a personal basis taking all these factors into account, and also the entire financial situation of the individual.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

i newspaper /  🏆 8. in UK

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

I found the best perfume dupes - they smell the same and you could save £100THANKS to TikTok, we’ve found bargain alternatives for most of our makeup bag – and some of them work even BETTER than the original. But now one savvy shopper has shared her latest finds …
Read more »

Wakey Wines selling Prime for £100 a bottle banned from TikTok after KSI furyWakey Wines selling Prime drink for £100 a bottle banned from TikTok after KSI fury curiously
Read more »

Liverpool woman travels two hours to buy Prime drink for £100The woman travelled more than 70 miles to get her hands on the popular drink Curiously
Read more »

Wakey Wines 'banned from TikTok' as woman 'spends £1,200' on 12 cans of PrimeWakey Wines has allegedly been selling Prime energy drinks for £100 each
Read more »

Driver fined £100 after allowing ambulance to pass on the A52He pulled over to allow the ambulance to pass when he was on the A52 Grantham Road approaching the traffic light junction at Cropwell Road
Read more »