One in five workers increase pension contributions - Pensions - News - Moneyfacts


One in five workers increase pension contributions

One in five workers increase pension contributions

Category: Pensions

Updated: 27/08/2009
First Published: 27/08/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Almost 20 per cent of workers have increased the amount they pay into their defined contribution (DC) pension since the last year.

The number of people that have decided to enlarge their pot is significantly more than have decreased their contributions, according to Aon Consulting, with many making up the shortfall that has been left as companies cut back on their contribution levels.

Just five per cent of workers have lessened the amount they put away for retirement each month.

Half of those who have decided to up the amount they put in their DC pensions have increased their payments by £50 a month, with two per cent putting away £200 a month extra.

Just over four in ten respondents (42 per cent) said they have made no change to the amount they put into their retirement fund each month.

Helen Dowsey, principal, Aon Consulting, said: "These findings are encouraging news as they show that for a significant number of people, saving for a pension is sacrosanct despite the recession.

"With some employers less able to contribute as generously as in the past, many individuals have taken it upon themselves to make up the shortfall."

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Pension funds defy uncertainty with strong returns

Economic uncertainty has been a persistent theme in recent months, but happily, not every area has been negatively impacted. Indeed, our latest figures show that the pension sector has bucked the trend and posted unexpectedly strong returns.

Do you know what a pension is?

Pensions are something we all need to get our heads round, and we’re continually told that it’s important to start saving into one from as early as possible. Yet new research suggests that this advice could be falling on deaf ears.

Record number of 100-year-olds

The chances of living to be over a hundred years old are going up, as figures from the ONS show that there were a record number of 14,570 centenarians in 2015, an increase of 65% over the last decade.