‘Bleak old age’ for those retiring after 2020

The Workplace Retirement Income Commission published a report claiming the UK’s costly and inefficient pensions system will contribute to a ‘bleak old age’ for those retiring after 2020.

In response to this report and wider concerns over the sustainability of pensions, Zain Wadee, Managing Director of hyphen, the recruitment process outsourcer said:

“hyphen’s recent research supports the Workplace Retirement Income Commission’s recent findings that workers are increasingly concerned by the diminishing value of pensions, and instead are more interested in a broader, more flexible range of benefits.

“hyphen’s recent survey of over 1000 workers in the UK found over half are attracted to employers offering flexible working (63.7%) and generous holiday entitlement (54.9%).

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In contrast, pensions contributions are less appealing to workers, under half (43.8%) considering them a factor influencing their job choice.

“While it is important that workers are adequately provided for when they retire, employers also need to consider what other benefits they need in order to attract and retain the best talent.”