UK Workers Rank Pension Top Benefit, but Worry It's not Enough

Almost four-in-ten respondents (38%) chose pensions as the most important benefit, followed by a bonus (19%) and flexible work arrangements (13%). Over three-quarters (77%) of employees said they would consider an employer who offered a workplace pension more positively than one who does not.

Despite the importance place on pensions, only a third (34%) of workers believe their pension will give them enough money in retirement, according to a press release. Just over a quarter (27%) said they would be more confident in pension saving if they were sure they would not lose any of the money paid in, and another 26% stated they would like a guarantee that their pension income would not run out before they die.

Despite current interest in allowing people early access to part of their pension, only 10% of people responded that this would make them more confident in pension saving, the press release said.

Still, 44% of respondents still said that a pension was the best way to save for retirement – far outstripping property (18%), and well ahead of any other form of saving. Of people who are saving into a pension, 17% intend to increase their contributions over the next year, while 8% intend to reduce or stop contributions, and the remainder do not intend to make any changes.

The survey was conducted by Populus among 1,248 full- and part-time employees in Great Britain ages 18-64, February 17 – 24, 2010.

Full details of the NAPF’s Workplace Pension Survey can be found at http://www.napf.co.uk/policy/research.cfm.