Occupational pension scheme benefit all involved

Tue, 11 Mar 2008

Occupational pension schemes offer benefits to both employees and employers, it has been claimed.

A spokesperson for the National Association of Pension Funds (NAPF) explained that such pension schemes can help firms when they are looking to recruit 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.

"Research also shows that employers want their staff to retire with financial security and feel it is part of their corporate social responsibility role."

He added that, aside from a guaranteed income upon retirement, the major benefit for workers is that tax relief and employer contributions to pension schemes effectively mean they are getting "free money ".

According the government's actuary department's 2006 news letter, 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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