'Nothing is better' than workplace pensions

Wednesday, February 17th 2010

Employees are being advised to join workplace pension schemes, which can offer large financial rewards.

Head of strategic development of pensions at Pinsent Mason Robin Ellison explained that people need to think about their life expectancy and how they will fund retirement.

Saving between 20 and 30 per cent of income is what is advised, although many people cannot afford this, Mr Ellison claimed.

But perhaps the most important move to make to ensure financial security in retirement is to pay into a pension.

"If you're in a company that offers a pension scheme – something like a one-for-one, or a two-for-one very often – you should grab it with both hands, because there is nothing that is better for you," he stated.

His advice follows studies from Prudential, which revealed that 32 per cent of workers in the UK aged over 55 do not believe they will ever be able to completely afford retirement.