Saving and investing news
Occupational pensions 'benefit firms and workers'
12 March, 2008
Occupational pension schemes offer benefits to both employers and employees, one expert has said
A spokesperson for the National Association of Pension Funds (NAPF) explained that such packages can help firms when they are looking for staff.
He said: "For many employers an occupational pension is a core part of the employment package offered to staff and it tends to help with not only recruitment but also staff retention.
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"Research also shows that employers want their staff to retire with financial security and feel it is part of their corporate social responsibility role."
The representative added that, aside from an income when they retire, the major benefit for workers is that tax relief and employer contributions effectively mean they are receiving "free money".
According the government's actuary department's 2006 newsletter, the number of people in occupational pension schemes fell from 9.8 million to 9.6 million between 2004 and 2006.
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