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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

MONEYFACTS ARCHIVE
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 It is now over 6 months old so the content may be out of date.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 Any products featured may be withdrawn by their provider or changed at any time.

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