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

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

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 It is now over 6 months old so the content may be out of date.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 Any products featured may be withdrawn by their provider or changed at any time.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

Have you lost track of your pensions?

The changing nature of the jobs market means it’s highly likely that you’ve got more than one pension pot, but the question is, do you know where they all are? According to research from Aegon, many people don’t.

Grandparents missing out on pension protection

Grandparents who give up work to take care of their grandchildren could be missing out on valuable state pension rights. So, if you're a grandparent taking care of a little one, make sure you’re building up all of the pension that you deserve.

Setting goals could boost your pension pot by £30K

Setting goals can be the key to success in many areas of life, helping motivate you to achieve anything from career progression to building up that house deposit - and if you have goals set for retirement, you could boost your pension by £30,000.