Concern over pension payments fall

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People contributing to private and company pension schemes are now paying in an average of £144.57 a month, down from around £279.38 last year, according to insurer Prudential.

At the same time 55% of people admit they are currently not paying into a pension at all, rising to 63% among women.

But despite the reduction in average contributions, people who are saving in a pension expect to be able to draw an average pension of £22,504 a year when they retire.

The group said a man who wanted a pension of this size would have to save an average of £286 a month from the age of 20 to 65.

Women would have to save £413 a month if they wanted to retire on this amount at 60.

Gary Shaughnessy, managing director of retail life and pensions at Prudential, said: "It is deeply concerning to see that the amount UK adults are personally paying into pension schemes has fallen so dramatically in the past year.

"With rising prices and a squeeze on savings, reducing pension contributions may look like an attractive short-term option, but the reality is that continuing to save as early as possible is vital if people are to build a pension pot large enough to maintain their lifestyle in retirement.

"While we always encourage people to look at their wider wealth portfolios, including housing equity and other savings, the current uncertain economic conditions and concerns over house-price deflation means that maintaining pension contributions is more important now than ever."