The amount of Britons saving into Stocks and Shares ISAs has overtaken the amount saved in a personal pension for the first time. Figures from the Office for National Statistics reveal that £14.28bn was saved into personal pensions (2010/2011) compared to the £15.837bn saved into a Stock and Shares ISA.
Billy Mackay of AJ Bell believes that these figures highlight that the Government must take action to make pensions simpler and more attractive:
“The figures are a clear endorsement of the success of ISAs, which are simple and easily understood, and show how dangerous complexity can be for pension saving. This is a ticking time bomb for the UK. The Government needs to do everything possible to make pensions attractive and simple.”