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.
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