The number of people reducing or stopping their pension contributions has decreased, with only 17 per cent doing so in the past six months, compared to 22 per cent a year ago, according to a survey by Opinium on behalf of Hargreaves Lansdown.

The survey also found savers want to rebuild their pension savings, with 7 per cent of people contributing more to their pension over the past six months, and a further 2 per cent saying they had boosted their contributions after cutting back previously.

After years of unrelenting pressure on our finances, there are at last signs that the cost-of-living crisis is starting to ease, with people less likely to cut back or stop contributions to their self-invested personal pension (SIPP) or pension," Hargreaves Lansdown head of retirement analysis, Helen Morrissey, said.

However, the research showed that older people were more likely to cut back on pension contributions, with one quarter (25 per cent) of those over 55s saying they had, compared to just 11 per cent of the 18-34 age group.

Morrissey said this could be due to an early exit from work due to long-term sickness for example, noting that the most recent Labour Market data shows economic inactivity in the latest quarter being driven by older workers.

“If they already have a decent amount saved for retirement, then this might be ok, but if you still have gaps to fill in your planning then this group has far less time to fill them," she continued.

“These results are also borne out in the most recent HL Savings and Resilience Barometer which shows just 40 per cent of older households are on track for a moderate retirement compared to 43 per cent of Generation X households.”

However, Morrissey said savers should not panic if they made the “difficult decision” to cut back or stop pension contributions, pointing out that auto-enrolment will re-enrol workers every three years.

She also argued that there are "small but important steps" savers can take to boost their contributions on an ongoing basis, such as increasing them every time they get a new job or pay increase.

“You may also find that your employer is willing to put more into your pension if you do," she added. “If it’s available to you it’s a great way of building your retirement resilience after a difficult time.”

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