Pension scheme members with AXA will have their contributions automatically increased in a bid to remedy a lack of engagement with their policies.
The Save More Tomorrow service, available on AXA’s Group Personal Pension and Group Stakeholder products, automatically increases member contributions by an agreed percentage at set time periods for the duration of the plan. AXA says the move aims to address the issue of participation versus engagement in group pension schemes and says an example increase would be from 5% in year one to 8% over three years. It points to research suggesting around seven in ten pension plan members think the amount they are saving is too low. The Save More Tomorrow proposition is agreed with the pension me...
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