14 Sep 2018
... as private sector pension contributions fall.
2. Average contribution to a defined contribution occupational pension
4. Assumes eligibility for full new state pension … plus pension saving from age 22 to the future state pension age of 68; average salary of £27,000; automatic enrolment employee contribution of 5% of banded earnings (including pension tax relief); automatic enrolment employer contribution of 3% of banded earnings; investment growth of 2.5% per annum (after inflation); pension charge of 0.75% per annum; and assumes 75% of private pension fund is used to purchase a single-life inflation-linked annuity at retirement.
5. For those aged 25 and over.
6. The assumptions are the same as in point 4, except the 12.5% is based on full earnings (not banded earnings)
Notes to editors:
- Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
- Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and manages over £346 billion in assets (as at 30 June 2019). Total group assets under management at Aviva group are £501 billion (as at 30 June 2019).
- Aviva helps people save for the future and manage the risks of everyday life; in 2018 we paid £32.9 billion in claims and benefits on behalf of our 33 million customers.
- By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
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