AXA UK has launched its new Save More Tomorrow service on its Group Personal Pensions and Group Stakeholder products.
The company said that this latest enhancement aims to address the issue of participation versus engagement in group pension schemes, by automatically increasing the member’s contribution by an agreed percentage at set time periods for the duration of the plan.
According to the company, The Save More Tomorrow proposition is agreed with the pension member at outset and automatically increases their contribution without any further action or decision making required.
Mark Rowlands, head of corporate partnerships at AXA corporate benefits, said: By automatically increasing contributions, we are helping people to increase their pension pot to deliver a better income in retirement. The real beauty of this enhancement is that the increases can be arranged to coincide with key dates, like pay rises, so that employees don’t feel the pinch of a decrease in income.