Occupational and Group Pensions - UK - June 2010
- One of the traditional advantages of offering a company pension is that it's a useful recruitment tool. Mintel's research suggests that it's of limited use, though - just a fifth of non-retired adults say that a good pension would be a major issue if they were looking for a new job.
- Pensions are still useful when it comes to staff retention, though - three quarters of those with a company pension really value their employer's contributions.
- To get maximum value from their pension schemes, firms need to raise employee engagement. Pension firms are increasingly trying to help their clients do just this - Friends Provident, AXA and Aviva, among others, have launched online tools intended to demystify occupational pensions, and to make it easier for scheme members to check on how their pension is performing.
- In the recession, people have been prioritising short-term factors such as job security over the quality of a company pension scheme.
- The launch of NEST should reverse the declining level of company pension ownership, although the relatively low level of compulsory contributions has led some to question how valuable it will be for lower earners.
- The public sector has overtaken private firms when it comes to final salary pension schemes, but government cutbacks will reduce both the number of public sector workers and the value of their pensions.
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