Good pensions 'should recruit, retain and reward staff'

Friday, March 12 2010

Workers in the UK are increasingly demanding good pension options from their employers, according to head of pensions research at Hargreaves Lansdown Tom McPhail.

Mr McPhail said: "A good pension should help to recruit, reward and retain employees."

This is increasingly important following the collapse of final salary schemes and employees are now taking a greater interest in the matter.

Retirement savings are growing in importance for many British workers, who expect their bosses to help with fund, he added.

And something that could help staff understand their pension is the Pension Quality Mark from the National Association of Pension Funds.

Chief executive of the body Joanne Segars explained that it shows how committed a company is to its workplace pensions.

Recently three more employers - Gallaher, Experian and Bupa - were all awarded the mark.

Ms Segars claims the award encourages other businesses to raise their standards and helps workers to have confidence in their schemes.