Trustnet Magazine 87 September 2022 | Page 61

Platforms & Pensions but there is a little pragmatism that needs to be brought to bear , and the British public will be weighing up whether to reduce or even pause their pension contributions in order to pay their bills and keep warm . Penfold , the upstart digital pensions provider , reported that opt-outs from workplace schemes increased by 29 % between March and July this year . Meanwhile , recent research conducted by Canada Life on LinkedIn found that one in 10 people had stopped or were considering stopping their pension contributions altogether . Cynics may claim the retirement industry is deliberately using scare tactics with this campaign to put people off reducing or pausing their pension contributions . This isn ’ t exactly the vision for pension freedoms , where the guiding principle was to give people more flexibility and better control over their retirement savings . Sure , the industry has a vested interest in ensuring as many people

5 £ 299,162 £ 96,944 -24.5 %

Source : Author

This assumes inflation at 2.5 %, growth of 8 %, 27 years of investment and remaining invested through drawdown . This does not consider other factors such as tax .

Issue 87 - September 2022 / 61 /