NAPF's Survey Reveals Workplace Pension As Important Employee Benefit
Posted on: Tuesday, 4 March 2008, 03:00 CST
New survey by National Association of Pension Funds has revealed that a workplace pension is the most important employee benefit an employer can offer.
However, while three quarters of employees believe it is important to have a pension that comes with their job, less than half have confidence in pensions when compared with other forms of retirement saving. With 45% of those surveyed not having confidence in pensions, there is a net pensions confidence gap of only 3%.
The survey has also revealed that those employers not offering a workplace pension are missing out on a loyalty bonus from their staff. Almost half of employees in these companies would feel greater loyalty to that company if they did offer a workplace pension.
When rated against other company benefits, men value pensions more than women, with the latter believing that flexible working arrangements are more important. This shows that for some women, the 'now factor' of meeting family commitments is a higher priority than their own retirement income.
According to the survey, there is a mismatch between those employees viewing workplace pensions as important while at the same time not feeling the same levels of confidence about them when compared with other forms of retirement saving.
Compared with other forms, 40% of employees view pensions as the best method of saving for retirement. However, for those employees without a current workplace pension, property is seen as a better option than a workplace pension.
Joanne Segars, CEO of National Association of Pension Funds (NAPF), 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."
Source: Datamonitor
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