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Employees paying into either company pension schemes or their own private pension are putting in GBP134 less each month than last year.
Lump sum payments for pension commencements are being guaranteed to be paid within seven days say Liverpool Victoria, and if not customers will receive GBP1,000 compensation.
Having taken a look at the pensions market the Prudential Retirement Income Panel has stated that providers must do better with the services they provide to customers taking annuities.
A spokesperson for the Prudential has said that saving for retirement should start as early as is possible.
A spokesperson from the Prudential has made it very clear that saving for old age is vital for everyone, the state pension not even coming close to meeting the needs of people as they grow older.