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...

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