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Pension most important employee benefit, survey shows 

by Kavitha Sivasubramaniam
13/10/2023
declines, IFS, pension provider, state pension age
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Pensions top the list of workplace benefits that employees think are important, with 90% claiming they would influence their decision about whether to move jobs.

Research by Penfold found that remote or flexible working was the second most valued perk, cited by three in four (76%) UK staff, while bonus schemes and health or life insurance took fourth and fifth places, noted by 74% and 67% respectively.

The digital pension platform’s survey of 2,000 workers and 500 small and medium-sized enterprises (SMEs) in the UK also revealed that two in three (66%) value work socials, while one in three (34%) believe gym memberships are important.

In terms of pensions, the findings indicated that 95% of staff believe employer pension contributions should be at least 9.5% and that the current average of 3-4% is not enough.

More than one in two employees (53%) did not believe their pension contributions were in line with the 8% statutory minimum, but claimed they would contribute more if was matched by their employer.

However, more than half of employers surveyed placed the same or greater value on benefits such as travel assistance, cited by 59%, work socials or salary advances, noted by 55% and 50% respectively.

Pete Hykin, co-founder of Penfold, said: “Workplace pensions are often thought of by employers as being a little dull. But it’s an important topic, because while growing old and retiring is an inevitable part of life, having enough money in the bank to live comfortably is not. 

“With the average person spending most of their adult life working, it’s only right that companies play their part in helping their employees save for life after work. The lack of communication and transparency around the investment employers are making in their employees also means their attempts to do the right thing by their staff are going largely unnoticed. In short, it’s a massive, wasted opportunity to attract and retain top talent.” 

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Seasoned professionals examine the challenges and innovations in today’s employee benefits, reward and HR sector. Every episode, they will unbox a key issue and unpack what it really means for employers and how they can tackle it.

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Benefits Unboxed – Wellbeing: HR is supporting everyone, but who’s supporting HR?
byBenefits Expert from Definite Article Media

As the professionals responsible for helping their organisations navigate NI hikes, rising employee stress levels and looming redundancies, the pressure on HR, reward and benefits teams has never been greater. 

HR is expected to lead with strength and compassion. But who is supporting the supporters?

In this episode of Benefits Unboxed, co-hosts Claire Churchard, Carole Goldsmith and Steve Herbert explore the emotional and ethical pressures HR face today, from managing redundancies to implementing complex legislation. They discuss why HR’s own wellbeing may not be the first topic of conversation, the risks that poses to employers, and the practical steps businesses can take to better support the wellbeing of the people who support everyone else.

This conversation shines a light on the resilience of the profession and why looking after HR is not just the right thing to do, but a business imperative.

Benefits Unboxed – Wellbeing: HR is supporting everyone, but who’s supporting HR?
Benefits Unboxed – Wellbeing: HR is supporting everyone, but who’s supporting HR?
22/05/2025
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