Friends Provident: Pension schemes important for older workers

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Friends Provident: Pension schemes important for older workers

Friends Provident has conducted a survey which suggests that pension schemes become increasingly important to workers the older they get.

According to the pension provider, more than one-third of employees over the age of 50 would select an employer contributory pension scheme instead of an annual bonus.

Friends Provident's poll also revealed that older employees are more likely to turn down a new job offer than younger workers because they feel the benefit and pension package is not good enough.

Martin Palmer, head of corporate pensions marketing at Friends Provident, said: "A good company pension scheme could be the difference between today's employees living a comfortable retirement tomorrow, or living close to the poverty line."

Recently the charity Age Concern called upon the government to introduce budgetary measures aimed specifically at easing the financial burden on the poorest pensioners, claiming they are suffering particularly badly during the credit crunch.

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