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The Actuary The magazine of the Institute & Faculty of Actuaries

Not so penny-pinching after all

In a rare ‘good news’ story about pensions, Aon reports that almost one in five workers has increased the amount they pay into their pension compared to last year and that only 5% have decreased their pension payments.

Aon surveyed 4046 respondents and suggests that, at a time when some employers are cutting back their pension provision, a significant slice of the workforce is picking up this shortfall by increasing personal payments.

Commenting on the latest findings, Helen Dowsey, principal of 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.”