Pension News Pension Contributions Increase Despite Recession 18469847

Pension News Pension Contributions Increase Despite Recession 18469847 Fair Investment

Pension contributions increase despite recession

04 September 2009 / by Rebecca Sargent

Almost one in five British workers have increased the amount they pay into their pension this year, despite the recession, research from Aon Consulting has revealed.

The Employee Omnibus Survey found that 18 per cent of employees have increased their pension contributions into defined contribution schemes this year.

Of those who have increased their contributions, nine per cent have boosted their pension payments by more than £50 a month over the last year, while a further two per cent have increased theirs by more than £200 a month.

According to Aon Consulting, the figures indicate, “that many regard sufficient saving for their pension as a necessity despite the recession.”

Meanwhile, 42 per cent of workers said that although they have not increased contributions, they have not made any changes, while just five per cent said that they have decreased their pension contributions this year.

Commenting, Helen Dowsey, principal at 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. Aon would encourage all employees to carefully consider the amount they pay into their pensions and review this on a regular basis.”

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Written by Editorial Team