Barrett added: “Pension contributions are one of the most effective ways to save money, thanks to tax relief, so by reducing them you are actually losing out.
"Some people may feel that pausing their contributions is their only option for now – but they should aim to restore their saving levels as soon as they can. Otherwise, they may suffer a kind of financial 'long Covid', where the costs of the pandemic follow them into retirement.
Article continues after advert
“If you’re self-employed, it’s a very good idea to consult an independent financial adviser about pension saving. They can set you up with the right fund and provider for you, advise you on contribution levels and keep you on course for the retirement you want.”
Tom Higgins is a freelance writer for FTAdviser
Page 2 of 2
