More than a third of workers want higher pension contributions from their employers to help meet the impact rising costs will have on their standard of living.

Some 1 in 2 workers also say that good contribution levels from their employer constitute 'value for money' in pensions

The findings are in a new white paper released by workplace pension and savings fintech Cushon.

It calls on the Government and industry to start listening to employees to drive engagement and ultimately ensure better pensions value for money in employees’ eyes. 

The research showed that 35% of workers believe that a pension that helps them understand what income they are on track to receive in retirement would constitute good value for money.  

That was rated more highly than factors most often considered important by employers, such as low costs (34%) and good investment performance (31%).  

According to the research, while almost four-fifths of employers believe that their pension scheme offers value for money, less than half of employees agree.   

Steve Watson, director of policy and research at Cushon, said: “We have always advocated for employers to listen to their employees when it comes to their pension offering. And the findings in our latest whitepaper prove just how important this is when it comes to ensuring employees see their pension as offering value for money. 

“Not only is there an opportunity here for employers to aid their employees with saving for later life, there’s also a commercial motive too, with many prospective hires looking at a company’s pension offering when picking a new job.”  

The research suggested that while only 27% of employers think pensions bolster their recruitment offering, 78% of workers say they consider a company’s pension offering is important to them when looking for and choosing a job.  

• Employer research was conducted by Censuswide with 501 HR Managers in companies with 500+ employees between 24 and 28 February. Employee research was carried out by Censuswide with 2,006 employees between 24 and 28 February.