For the first time since 2001/2, Britons saved more into stocks and shares ISAs than personal pensions last tax year.
Figures from the Office for National Statistics show that £14.28bn was saved into personal pensions (excluding stakeholder) in the 2010/11 tax year compared with £15.837bn saved into stocks and shares ISAs in the same tax year.
This compares with £12.542bn being subscribed to stocks and shares ISAs and £14.42bn contributed to personal pensions in 2009/10.
“The figures are a clear endorsement of the success of ISAs, which are simple and easily understood,” said Billy Mackay, A J Bell.
Author: Pensions WorldPensions World is the leading monthly magazine for pensions professionals published by LexisNexis.