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Friends Provident calls for employers to re-think pension cuts

Friends Provident is urging employers to decrease cuts in pensions and not force employees to search for financial security during retirement.

A survey conducted by Friends Provident estimates that £832 a month, not including mortgage payments or rent, is a realistic amount for retired persons to live on comfortably.

However, those without employer pension or private pension would rely on £412.75 a month currently provided from state pension.

Friends Provident’s head of pensions marketing Martin Palmer says: “In these challenging times we are urging employers to recognise what workers in the UK want and to look further down the line when reviewing the role attractive pensions offerings have in attracting and retaining their staff.”

Friends Provident also found that employees prefer long-term support over short-term financial gain, stating that research found one in five British workers have turned down a prospective job because they did not find the benefits attractive.

Palmer says: “A pension is very important and will continue to have major impact later on in an employee’s life. A good company pension scheme could be the difference between today’s employees living a comfortable retirement tomorrow, or living close to the poverty line.”

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