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£157 billion wiped off workers’ pensions
Value of defined contribution pension scheme assets have plummeted by nearly a third from £552 billion to £395 billion in the past 12 months
London
NYSE: AOC

LONDON, 27th October 2008 - In the past 12 months, the value of employees' defined contribution (DC) pensions has plummeted by about £157 billion, according to Aon Consulting, one of the UK's leading pension consulting, administration and employee benefits firms. The economic downturn is now visibly taking its toll on the money workers have been putting aside for their pension, meaning those who are close to retirement may have to work longer.

Over 3.7 million UK workers pay money into a DC pension every month. In October 2007, the value of DC pension assets stood at just over £552 billion, but by October 2008 the value had dropped by nearly a third (28%) to roughly £395 billion. This was despite the fact that over the same period of time £6.7 billion worth of contributions has been paid into DC pensions by both employees and employers.

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