Marvin OnumonuOne in 10 employees could leave their jobs because of poor pension benefits, according to Scottish Widows’ ‘Retirement Realities: Unlocking The Workplace Benefits’ report.
The research found the main reason for dissatisfaction was uncompetitive pension benefits compared with other employers, reported by 68%.
Other issues included lack of communication (26%), difficulty accessing benefits (21%), and confusion over benefits (16%).
19% of employees unhappy with their benefits said they would definitely consider leaving, while 39% said they may or may not leave.
Despite this, 78% of employees were generally satisfied with their pension benefits, with satisfaction increasing slightly at larger firms.
Susan Hope, retirement expert at Scottish Widows, said: “Pension benefits are no longer a ‘set and forget’ part of the reward package and employees are paying close attention to how their scheme stacks up against others.
“If benefits feel uncompetitive or unclear, people may vote with their feet, leaving employers on the back foot when it comes to retention.
“Regularly reviewing and communicating pension benefits is key to ensuring employees recognise their value and feel supported in planning for their future.”
