Pension membership falls marginally during 2004/2005

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Pension scheme membership drops in the UK during 2004/2005
 

Whilst not a significant statistic on its own the number of pension scheme members dropped during 2004 from 40% to 39% as compared to 2003.

What is significant is that despite Government promotions and initiatives aimed at informing the public about the benefits of pension schemes, the message is not getting through.

With continuing bad press and negativity from financial quarters, pensions are set to remain in the doldrums at least in terms of the publics perception. More work is needed to persuade the population that even modest investment for the future is a good thing and must be encouraged.

There is an undeniable link to the country's debt mountain which continues to rise and more and more individuals are reverting to bankruptcy or looking to avoid insolvency with an IVA product. If you need advice on an IVA - we may be able to help.

As people borrow more they have less disposable income to save for a rainy day or indeed a pension. This inevitably will have an effect on the future of pensions in this country.

Source - Office for National Statistics (ONS)