Economic outlook could prompt pension cuts

The worsening economic outlook could prompt pension savers to stop, pause or reduce their pension contributions over the next 12 months.

One-in-ten people saving into a pension said that they intended to take such action according to Brewin Dolphin. Of these, 5% intend to stop contributions, 2% intend to pause payments and 3% plan to reduce their pensions contributions over the next year.

The average length of time for those who have paused their contributions is 22 months with 13% of respondents doing so for more than five years.