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Fall in pension contributions will hit living standards in retirement, warns TUC
Commenting on the latest Pension Trends survey, published yesterday by the Office for National Statistics, TUC General Secretary Brendan Barber said:
'A ten per cent fall in personal pension contributions in a single year is very worrying.
'With living standards under such a severe squeeze it is understandable that people cut back on their pensions, but keeping up decent contributions is the only way to deliver even modest living standards in retirement.
'On the day the TUC has revealed that the pensions pots of top directors have reached a new record high of £3.9 million, this is yet another sign that ordinary people are paying a heavy price for the crash while those who did most to cause it are not paying their fair share.'
NOTES TO EDITORS:
- ONS Pension Trends can be accessed at www.ons.gov.uk/ons/rel/mro/news-release/pension-trends-chapters-6-and-8/pensiontrendsnr0911.html
- The TUC's annual PensionsWatch survey is available at www.tuc.org.uk/tucfiles/73/PensionsWatch2011.pdf
- All TUC press releases can be found at www.tuc.org.uk
- Congress 2011 will be held at the TUC's Congress House in central London this year. The event runs over three days from Monday 12 to Wednesday 14 September. The deadline for free media accreditation has now passed. Media passes may still be processed but may to be subject to delay. ALL applications for media passes now cost £50. You can apply online by visiting www.tuc.org.uk/the_tuc/tuc-19831-f0.cfm Wi-fi will be available free of charge throughout Congress House during the conference.
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