Workplace pension 'needed to enjoy good standard of retirement'
The National Association of Pension Funds (NAPF) has announced that it expects the number of workplace pension schemes to rise following the introduction of the personal accounts system in the UK in 2012.
Mark Brooks, a spokesperson for the NAPF, said that there is little surprise that Britons see the workplace pension as an important employee benefit as many people require this additional funding to maintain a comfortable standard of living into retirement.
He noted that tax exemptions and employee contributions make the scheme attractive to British staff.
Mr Brooks said: "There is a growing realisation that to enjoy a good standard of living on retirement, there is a need to have an additional pension and because of the tax advantages and employer contributions."
A new report released by Engage Mutual has highlighted the need for retirees to tighten their finances. It found that almost ten per cent of British pensioners are relying are credit cards to pay their bills.
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