UK Money News
25th July 2008
AXA launches saving scheme
Pensions provider AXA has launched a new scheme to increase participation in group pension schemes.
The Save More Tomorrow scheme works by automatically increasing an individual's pension contribution by an agreed amount at set intervals throughout the life of the pension plan.
Head of corporate partnerships at AXA Corporate Benefits Mark Rowlands said the firm had carried out "extensive" research and found that consumers do not take action when it comes to planning their finances.
"People don't tend to engage with their pension scheme and often forget about it after they've made the initial decision to join," Mr Rowlands said.
Automatic increases in contributions could help people plan their personal finance for the long term, the company believes.
Earlier this month, AXA noted that holidaymakers who arrange their own itineraries should ensure they have the correct level of travel insurance to cover all the activities undertaken on the break.
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