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Pensions are 'most important benefit'

By Tom Farley, Wed 21 May 2008 - Published in Pensions

A generous workplace pension scheme could offer firms an advantage over their competitors, an expert has claimed.

Mark Brooks, a spokesperson for the National Association of Pension Funds, argued that employees are attracted to companies that offer a good level of pension provision.

"In a competitive labour market, those companies offering generous pension arrangements may find that they have a competitive advantage when it comes to recruitment," Mr Brooks said.

He cited a recent survey conducted by the organisation which found that some 49 per cent of employees working for a firm with no workplace pension scheme would have additional loyalty to their employer if pension provision was offered.

The workplace pensions study, conducted by the organisation earlier this year, found that a pension is considered by employees to be the most important benefit an employer can offer.

A number of different pension providers are represented through the National Association of Pension Funds.