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More firms offering paternity leave but staff prefer pensions

Paternity leave is the fastest growing perk in the UK but pensions remain the favourite employee benefit, according to research by Virgin Money.

It says over 51 per cent of employers now offer paternity leave compared with just 24 per cent a year ago.

But it warns employers looking to water down their pension provision that an employer-funded pension is considered the most important employee benefit by 86 per cent of employees although such schemes are only offered by 49 per cent of employers.

Health insurance is provided by 25 per cent of employers while 22 per cent offer life insurance as an employee benefit.

Spokesman Gordon Maw says: “Historically, our study has shown that paid paternity leave was among the most important benefits for workers. Therefore, it is great to see employers acting on behalf of the employee to close the gap, even if it took legislation to force their hand.

“Pensions remain top of the most wanted list for workers and the number of employers who offer staff a pension has risen by 8 per cent in the last year. But we believe some form of pension compulsion is the best way of ensuring people have enough money for their retirement. As the case of paternity leave shows, Government intervention can be a force for good in the workplace.”


AITC says the worst is over for split sector

The collapse of the Aberdeen preferred income trust and the Dartmoor investment trust have brought the total number of split-capital trusts in receivership to six but the Association of Investment Trust Companies says the troubled sector is turning the corner.To date, a further 12 split-cap trusts have had trading in their shares suspended, with investors […]

Tax returns

Do you think the Inland Revenue&#39s delay in publishing its report into taxation of pensions is because it is adjusting its proposals to make them more complex or less complex?Clarke: I doubt very much that the Inland Revenue will make recommendations to the pension tax regime that would complicate the existing minefield of rules and […]

Health care providers merge

Health care providers HSA and Simplyhealth have announced they are to merge after receiving FSA approval.HSA is one of the UK&#39s largest cash plan providers while Hertford based Simplyhealth is a non-profit friendly society. Both companies will continue to operate separately.HSA chief executive Des Benjamin says: “We are delighted that the merger has now been […]

Non-partisan policy urged for pensions

Labour MPs, the ABI and product providers are urging politicians to work together to sort out pensions, saying if they cannot, then responsibility for pension policy should be removed from the political system.At a fringe meeting at Labour&#39s conference in Blackpool this week, ABI director general Mary Francis said pensions would be better served if […]

Protecting long-term savings from short-term policy

By Jamie Clark, Business Development Manager The pensions revolution is almost upon us. As with any revolution, there will be winners and losers. The winners in this case could presumably be the politicians that orchestrated pensions freedom and choice just before the general election. As for the losers, there may be many thousands of people […]


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