Pension plans have had to be rearranged and delayed in recent months as Rishi Sunak’s furlough plans ended up having long-term ramifications. New research from Fidelity has revealed many workers have had to “press pause” on their retirement plans.

Maike Currie, an investment director at Fidelity International, commented on these findings: “Worries about saving enough for retirement were present long before the pandemic, but the events of 2020 which have continued into the new year, have catapulted people’s pension concerns.

“Workers have been forced into rethinking their retirement plans as they re-examine their personal finances and savings against the backdrop of Covid-19.

“Out of necessity, some have had to reduce or cut their pension contributions altogether while they prioritise concerns over day-to-day spending.

“With furlough extending through to April and a national lockdown announced at the beginning of the year, it’s likely more people will revisit their financial plans, as jobs and earnings remain uncertain.

Maike concluded: “We will see the retirement ramifications of the pandemic for many years to come and we need to act now to support people with their long-term savings goals.

“The research shows saving for retirement needs to be simpler, more inclusive and adaptable.

“Pensions desperately need to keep pace with the changing demands of modern-day life if we are to keep people motivated and engaged.”

As it stands, the furlough scheme has been extended to the end of April 2021 and many fear there could be a wave of redundancies on the horizon when the Government support ends.