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One in three people (31%) accepted a new job with no idea about whether it came with a pension, meaning they ignored a benefit that’s typically worth thousands of pounds a year, according to the National Association of Pension Funds (NAPF).
Its latest survey showed that 25% started their first day in a new job not knowing if a pension was on offer, while 6% signed an employment contract ignorant about the pension provision.
The situation is not helped by employers, who are not doing enough to mention their pension, the NAPF said. Its latest analysis of job adverts found that only one in twelve carries any pension information at all.
With the Government estimating that 14 million people are set to suffer an inadequate retirement income, the NAPF is urging employers and the HR profession to make pensions a bigger part of the recruitment process.