Additional pension seen as important benefit

Tue, 20 May 2008

Consumers are increasingly seeing the benefits of a second pension, according to a spokesperson from the National Association of Pension Funds (NAPF).

Mark Brooks states people are realising that if they want a "good standard" of life during their retirement, they may need to take out a second pension.

"[There] is a need to have an additional pension and because of the tax advantages and employer contributions, then it is no surprise that they are still seen as the most important benefit," he explains.

Mr Brooks also highlighted the fundamental strength of a workplace pension, arguing the future of the product is in no way "precarious".

Earlier this year, NAPF research found that a company pension is classed as one of the most important benefits any employer can provide.

The study – entitled the Workplace Pensions Survey – also discovered that 49 per cent of people surveyed would feel greater loyalty to their company if a workplace pension was offered.

The NAPF represents a range firms operating in the pensions market and is one of the leading pensions bodies in the UK.
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