A workplace pension is the most important benefit an employer can offer, new research has revealed.
A study of 1,154 workers by the National Association of Pension Funds (NAPF) found three-quarters of employees said it was important to have an occupational pension.
The survey also revealed that those employers not offering a workplace pension are missing out on a loyalty bonus from their staff. Half of employees in these companies would feel greater loyalty if they did offer a workplace pension.
NAPF chief executive Joanne Segars said: “Today’s workers still value pensions as a fundamental part of their employment package and believe they remain the best way to save for retirement. For employers there is a clear message that providing a workplace pension is rewarded by increased employee loyalty.”
About 10 million working people are currently in NAPF member schemes.
A separate survey revealed February was a mixed month for the future of final salary pensions in the UK.
Despite the UK’s largest final salary schemes registering an record surplus of £21bn at the end of February, proposals by the Accounting Standards Board and The Pensions Regulator threaten the future of scheme funding levels, according to Aon Consulting.
To illustrate the potential damage of these plans, February’s actual surplus of £21bn would fall to a deficit of about £180bn if the data were recalculated.
Marcus Hurd, senior consultant and actuary at Aon, said: “The double whammy of ASB proposals and the regulator’s proposed mortality assumptions throw the future of final salary schemes into further doubt.”