The Covid-19 pandemic could be triggering a pensions crisis in the North East, warns a pensions expert. According to Aviva, one in 10 working adults stopped or cut back on saving for retirement over the past 12 months. But Mark Parkinson, Partner at MHA Tait Walker Wealth Management, says some went even further and withdrew cash from their pension pots prematurely in order to make ends meet. He has described it as a short-term fix that could do significant long-term damage. We are seeing two problems here: firstly, people have understandably stopped saving because money is tight. Secondly, and more seriously, they have taken funds from their pension pots to solve short-term money worries, he said.
In association with MHA Tait Walker Wealth Management The UK lockdown measures have put a tremendous strain on us all both as individuals and to the UK economy. We all have more time on our hands, so what better time to review your finances. At MHA Tait Walker Wealth Management, we are passionate about supporting our clients with their financial goals. We are an independent, award winning Wealth Management and Accountancy practice founded in 1937, and we are based in the North of England. We have over eighty years’ experience in providing our clients with high quality wealth management and tax services from investment advice to pension planning.