LONDON, 15 December 2006 – Fifteen per cent of UK working adults feel that they should not have to shoulder the responsibility of ensuring that they have made adequate provisions for their retirement.  This is according to new research out today from Aon Consulting, a leading pension, benefits and HR consulting firm. The research highlights that despite the government’s latest attempts to increase personal responsibility for pensions savings, many employees are still passing the buck when it comes to making sure they will have enough money saved upon retirement. 

The research, which surveyed 1,204 working adults, showed that 25% of employees also feel that the government and 22% their employer, should also share the responsibility for the funding of their retirement.

The survey also highlighted that of those aged 18 to 24, some 39% and 33% believe that the government and their employer should be held accountable, respectively. This contrasts with just 21% and 17% respectively of 55 to 64 year olds who are placing the onus on the government and their employers to assume responsibility.

Commenting on these results, Paul Macro, head of Defined Contribution Pensions at Aon Consulting, said: “It is worrying that so many people are still refusing to take responsibility for their own retirement and continue to rely on others – be it the government or their kids – to share the responsibility for funding their own pension. By assuming that others are liable, workers in the UK could find themselves struggling when it comes time to retire.

“It may sound like a broken record, but while people are living longer and the cost of living is going up, we need to keep reiterating the need for self responsibility to save more for a decent retirement. Attitudes particularly need to change among the younger generation. Our survey should act as a wake up call, as even with the introduction of the Government’s new Personal Accounts, it’s unlikely that many workers will be able to retire comfortably without individuals taking a more active role in the funding and planning of their retirement.”

Notes to editor:

About Aon Consulting

Aon Consulting is a leading human capital consultancy, helping organisations of every size to attract and keep the employees they need. We advise on all aspects of employment, including health-related insurance and risk; employee compensation and pensions; human resource strategy planning; job design and change management; and staff assessment and legal issues. Aon Consulting is a division of Aon, one of the UK’s largest insurance brokers and providers of risk management services and a major force in reinsurance and the UK human capital consulting market.  Aon Consulting Limited is authorised and regulated by the Financial Services Authority.

About Aon

Aon Corporation is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. There are 46,000 employees working in Aon's 500 offices in more than 120 countries. Backed by broad resources, industry knowledge and technical expertise, Aon professionals help a wide range of clients develop effective risk management and workforce productivity solutions.

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