Is a minimum legal pension contribution the 'norm'?

p00hsticks

400ixl said:

It will really depend on whether the company believes that this is a big consideration for attracting and retaining employee's. If it isn't then why would they want to offer more?

I think in general, unfortunately,  most people tend to look at the headline salary figure and not pay much attention to the type of pension and/or employer pension contribution being made. It's going back a bit now, but one of my previous employers, a large IT comany who offered a good DB pension, did some research and came to the conclusion that the generosity of the pension scheme was really underappreciated by both existing and potential employees. They therefore decided to switch to a sort of salary sacrifice scheme where people could choose various benefits as they wished, such as heath care, extra days holiday and the rate of pension accrual.

MovingForwards

My current company pays 4% under a salary sacrifice scheme.

When in talks about the job I asked their position on overall benefits, to weigh everything up against walking away from a private sector position with a DB pension.

lisyloo

p00hsticks said:

400ixl said:

It will really depend on whether the company believes that this is a big consideration for attracting and retaining employee's. If it isn't then why would they want to offer more?

I think in general, unfortunately,  most people tend to look at the headline salary figure and not pay much attention to the type of pension and/or employer pension contribution being made. It's going back a bit now, but one of my previous employers, a large IT comany who offered a good DB pension, did some research and came to the conclusion that the generosity of the pension scheme was really underappreciated by both existing and potential employees. They therefore decided to switch to a sort of salary sacrifice scheme where people could choose various benefits as they wished, such as heath care, extra days holiday and the rate of pension accrual.

Personally I think flexible benefits schemes are fairer to everyone.
so for example someone who has a good chance of not reaching pension age doesn’t loose out, or people who don’t want life insurance don’t get forced to pay for it.

having said that I do agree that many younger people overlook pensions, it’s human nature.