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Workers would choose pension over higher pay

Survey shows retirement plan crucial to employees

Up to two-thirds of employees would take a lower paid job if it meant getting a decent workplace pension, new figures show.

Given the choice between a higher salary with no retirement plan or a lower wage with a pension worth £20,000 a year, 66 per cent of working age adults said they would opt for the latter.

In all 75 per cent of people responding to the National Association of Pension Funds (NAPF) survey said having an occupational pension was important.

The NAPF is currently pushing the government to implement a kitemark system for companies’ pensions.

Quality mark

Research from the industry body found that the overwhelming majority of people believe that a Good Pension Quality Mark would be a good idea.

Just under 60 per cent of respondents said such an initiative would help them work out if a company’s pension plan was a good one, with a further 28 per cent stating it would be quite helpful.

Joanne Segars, chief executive of the NAPF, said: ‘This survey shows very clearly that workplace pensions are firmly planted in the minds of employees – the people who matter most.’

More than 1,000 UK adults were interviewed as a part of the survey.

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