For the first time since 2001/2, Britons saved more into stocks and shares ISAs than personal pensions last tax year, AJ Bell has said. Figures from the Office for National Statistics released today showed that £14.28 billion was saved into personal pensions (excluding stakeholder) in the 2010/11 tax year compared to £15.8 billion saved into stocks and shares ISAs in the same tax year. This compares with £12.5 billion being subscribed to stocks and shares ISAs and £14.4 billion contributed to personal pensions in 2009/10. AJ Bell's Billy Mackay said it was a 'ticking timebomb for the UK'. "The Government needs to do everything possible to make pensions attractive and simple," he added.
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