ISAs overtake pensions for first time in a decade

Office for National Statistics (ONS) figures published today show that £14.28bn was saved into personal pensions excluding stakeholders in 2010/11. However, £15.84bn was saved into stocks and shares ISAs in the same period. It is the first time ISA saving has surpassed pension saving since 2001/02. Since 2009/10, stocks and shares ISA saving has grown by around £3bn, whereas pension saving grew by less than £1bn. Billy McKay, marketing director at AJ Bell, said the increasing complexity of pension legislation over the decade has caused the slowdown in pension saving. "The figure...