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Majority choose job based on pension scheme

More people are choosing their job based on the pension scheme that is offered to them, according to new research from Alexander Forbes Financial Services 2008 Return on Pension Expenditure Survey.

Some 75 per cent of workers surveyed say this is the reason they accepted their job. This is a seven per cent increase on the same period the year before.

Overall a pension is the most highly rated employment benefit by staff, with 81 per cent regarding it as important, ahead of flexible working, a bonus or extra holiday. The high scores given to all employment benefits by respondents, however, demonstrate the vital role these benefits play alongside salary in recruitment and retention of staff.

Commenting, Alexander Forbes Financial Services’ director David Marlow says: “Vast sums of money are committed to pensions by UK employers and this expenditure is likely to increase sharply in 2012 with the introduction of the Government’s Personal Accounts system, which will compel all employers to provide pension provision to their staff”.

“There is now a clear and urgent need for employers to better understand and measure their return on pension investment if they are to reap the reward on this expenditure as better corporate performance,” he adds.

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