Almost one in five (18%) workers have increased the amount they contribute to their defined contribution (DC) pension since last year, according to research by Aon Consulting.
The latest results from Aon’s Employee Omnibus Survey of 4,046 respondents suggests employees are nearly four times as likely to have increased their contributions to their DC pension than to have decreased them.
Of the 18% who have increased payments, only 2% have done so by under £10 per month and this may be due to automatic links to salary increases. However, 9% have boosted payments by more than £50 per month in the last year and this includes 2% of workers who have increased contributions by more than £200 per month despite the current economic conditions.
Meanwhile, almost half (42%) stated that they had made no alterations to the amount of money they have paid into their pension over the past year. Only 5% said they have decreased contributions in the last year.
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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