Pension savers may lose £175 a month through ‘traps and consequences’ – take action | Personal Finance | Finance

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This dictates the longer a person saves, the more time they have to earn interest on the interest they have gained.

The effect is snowball-like, and is considered one of the key benefits of pension saving.

Rachel Meadows, Head of Pensions and Savings at Broadstone, said: “For some people, taking the decision to reduce or stop their pension contributions will be necessary as income pressures intensify. 

“However, pension savers should be aware that there are traps and consequences due to considerable employer and Government incentives around pension saving. 





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