- 24
- May
Implementing a contribution cap to personal pension accounts could cause debt difficulties in the future, new figures suggest.
According to a study released by Which? some 52 per cent of consumers claimed they would be put off saving money for their retirement if a restriction was put into place on how much they could put away - this in turn could affect their attempts at debt management and ability to make personal loan repayments.
Meanwhile, over half of those surveyed would be more willing to save for their retirement if there was no limit on how much they could contribute.
Emma Higginson, personal finance campaigner for Which? said: "Personal accounts must not fall at this hurdle.
"The absolute priority must be a scheme that is designed to enable people to save in line with their aspirations for a comfortable retirement."
Earlier this week, a study by Prudential found many women could be set to incur debt management difficulties in later life as 60 per cent of working females are not contributing towards a pensions scheme.
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