The proportion of workplace pension savers who have made the active decision to stop saving has fallen slightly from 0.75% in the financial year 2019-20 to 0.63% in the financial year 2020-21, according to the data from the Department for Work and Pensions. The figure is broadly consistent with previous tax years.

Permanent Wealth Partners, a Financial Planning firm based in London, has been advising its clients to invest as much in their pensions as possible during the pandemic.

Adam Walkom, co-founder of the firm, said: “Our clients tend to be higher earners, so most tend to look to maximise pension contributions where possible, and have stuck to that approach even during the pandemic. We also have an in-house view that pension tax relief is only going to get worse, so taking advantage of it where possible is normally a prudent move.

“For most people, their pension is going to be the second-largest asset they ever own, yet they totally ignore it. Most people tend to look at their pension statement once a year, not really understand it properly, then just file it or throw it away. Everyone needs to take a long and hard look at what is in their pension.”

Read the article in full: www.financialplanningtoday.co.uk/news/item/13511-fewer-people-stopped-saving-into-pensions-during-pandemic