People today who pause their workplace pension contributions for just a 12 months owing to value-of-residing pressures may well end up thousands of kilos worse off in retirement than if they had ongoing spending in, calculations propose.
Anyone who began operating with a income of £25,000 for each 12 months and paid out the minimum contributions from the age of 22 could close up with virtually £457,000 in retirement, pensions supplier Common Existence calculated.
But if they paused at the age of 35 for just a single yr, they could finish up with just around £444,000 by the age of 68 – just about £13,000 considerably less than if they had continued to spend in.
