Oct 29 2008
People saving for retirement should seek advice before they reduce the amount they pay into their pensions, it has been suggested.
Commenting on the issue, Adrian Lowcocks, senior investments advisor at Bestinvest, said that it is important for consumers to speak to a bank or financial advisor concerning how best to manage their money.
He was responding to figures produced by uSwitch.com earlier this month which suggested that 42 per cent of Britons have cancelled insurance or pension contributions in a bid to reduce spending.
Mr Lowcocks went on to say: "With the introduction of self-invested personal pension plans and that sort of thing it is [also] worth making sure you are not overpaying for the pension product itself and checking whether you are getting the right investment opportunity."
He added that it is not simply a case of reviewing pension payments, but also that consumers should look into the investment strategy they have underlying their money.
