"The cost-of-living crisis is putting household budgets under extreme pressure and many people are looking to make savings wherever they can," he continued. "Before making any decisions about their pensions, I'd urge employees to find out what support their organisation offers and take professional advice. "Many offer employee assistance programmes, where staff can access counselling, as well as dedicated financial wellbeing advice and benefits, which can include anything from employee discounts to on-demand pay which allows them to draw down money they've accrued before pay day." Hargreaves Lansdown head of retirement analysis, Helen Morrissey, also warned that whilst the cost-of-living crisis has taken a huge toll on finances, opting out of pensions is a "major decision that can have long-term consequences". "The issue is that people may opt out with every intention of opting back in as soon as possible but life gets in the way, and they forget," she continued.