Workplace pensions 'boost quality of life'

By Tom Farley, Mon 1 Feb 2010 - Published in Pensions

People can expect a better quality of life when they retire if they save into a workplace pension when they are younger, it has been pointed out.

Mark Brooks, spokesman for the National Association of Pension Funds, said that people are too reliant on the state pension and called for more to be done to increase the number saving in a workplace pot for their golden years.

Recent research from Prudential found that 18 per cent of those intending to retire in 2010 will depend on their personal savings and the state pension for all of their retirement income.

Mr Brooks commented: "Saving into a workplace pension clearly improves the quality of life when people retire. We need to ensure that they have that opportunity and we need to ensure that people take up that opportunity."

The representative claimed that the best way to boost the number of people saving in a workplace pension is to make sure they have confidence in them and recommended that firms inform their workers about the benefits of their schemes.

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