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Employees more confident about pensions

Employees more confident about pensions

Category: Pensions

Updated: 15/10/2009
First Published: 15/10/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The faith that employees have in pensions has significantly improved since the turn of the year, new research has revealed.

According to the National Association of Pension Funds (NAPF), confidence at the end of September had leapt to plus 11 per cent, up from plus seven per cent in March and its low point of plus one per cent at the end of 2008.

Despite the recession and the additional pressures on people's finances, the research also found that pensions still remain a priority for employees.

Almost two in five (39 per cent) considered pensions better than any other form of savings for retirement, including property.

Meanwhile, more than eight out of ten (84 per cent) said they will continue to save into a pension at work; seven per cent even said they intend to increase their contributions.

Pensions also continue to be the most popular employee benefit, beating bonuses, flexible working and generous holiday allowances.

NAPF chief executive, Joanne Segars, said the findings showed how much workplace pensions mattered to people and sent a clear message to politicians that they need to take pensions seriously.

"Without good quality workplace pensions, millions of people would be worse off in retirement. We need long-term commitment and measures from whichever Government is in power after the General Election to create an environment where it is easier for employers to provide pensions and for employees to save in them."

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