Lack of interest in pension plans

CONTINUED weakness in the markets has led to a massive drop in those interested in taking up a pension.

This time last year 73% of those surveyed by Standard Life said it was a good time to invest in a pension plan, but this number has now slumped to 40%.

The survey also showed that people are paying an average of 5.9% of their salaries into their pension despite most thinking 12.1% would be an adequate contribution.