Warning comes as more than one in five people cut back on pension contributions to survive

Stephen Bird, chief executive of Abrdn warned that the minimum 8 per cent of employee pay going into pensions under auto-enrolment is not 'anywhere near enough'

Pension pot payments must ‘double’ to avert retirement crisis experts warn

Stephen Bird, chief executive of Abrdn warned that the minimum 8 per cent of employee pay going into pensions under the“To have any chance of achieving decent retirement outcomes, the contribution rate needs to double – taking it closer to the levels seen in other countries with similar economies to the UK.

Helen Morrissey, at Hargreaves Lansdown, said: “Rising prices have made balancing budgets a real struggle and it’s no surprise that, after making all the cuts they can elsewhere, people are turning their attention to their pensions.” Morrissey added that other ways to rebuild a pension after a break is to make sure to increase contributions if you receive a pay rise or get a new job.also warned of a “storm brewing for millions of people in the coming decades” in terms of an inadequate retirement income.

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