Employer and employee confidence in pensions is rising - slowly
David Woods, 20 April 2009
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Confidence in pension schemes is slowly but surely improving, according to the National Association of Pension Funds (NAPF).
According to the industry body's Pensions Confidence Index, confidence among employers has risen from +1% in December to +7% this month. And more than a third of employees (34%) think pensions are the most important benefit their employer can offer - rating them higher than bonuses and holidays. Other benefits such as flexible working and bonuses had reportedly declined in popularity.
Almost two out of five employees (39%) rated pensions as the best way to save for retirement, compared with 20% favouring investing in property. And 47% of staff who do not have a pension at work said they would feel more loyal to their employer if they were provided with one.
But Joanne Segars, chief executive of the NAPF, warned: "Confidence in pensions is better than it was a year ago but the current economic environment means while it remains positive it is also very fragile.
"No matter how long and deep the recession, we still need to provide for old age. We can do that most effectively if working people are confident about pensions. That is why we urgently need a national campaign, led by the Government and actively supported by the pensions industry, worker representatives and business, to rebuild confidence in pensions."
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