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.
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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.”
