Insurer Warns Of Pension Opt-Out Risks As Inflation Soars

By Martin Croucher (June 22, 2022, 12:24 PM BST) -- The growing cost-of-living crisis could cause more people to cut back contributions to their workplace pension, an insurer warned on Wednesday, as official figures reported that inflation hit 9.1% in May.

There could be "significant long-term consequences" for retirement prospects if savers decide to temporarily opt out of company benefit plans as they seek to have more money in their monthly pay check, Aegon UK said

The Office for National Statistics said on Wednesday that inflation in the 12 months to May rose by 9.1%, the highest rate in 40 years.

Kate Smith, head of pensions at Aegon UK, said that...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Related Sections

Companies

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!