Pensions and holidays dominate new job requirements

A third of respondents (33%) replied that each of these was the top priority for their new job requirements.

However the results were markedly different for those in defined benefit and defined contribution schemes.

Pension provision was most important for DB members with over half stating this compared to 39% participating in a DC scheme.

By contrast, just under a third of DC members chose holiday entitlement as the number one benefit compared to 23% for those in a DB scheme.

MetLife Assurance chief executive officer Wayne Daniel, said: "The difference in attitudes to pensions between DB and DC pension scheme members illustrates the value that is placed on DB schemes by those individuals and the importance of maintaining those schemes for retention and recruitment purposes."

There was also a significant disparity between age groups in the survey.

Perhaps unsurprisingly, pension provision became more important as respondents neared retirement.

Of those aged 35 to 54, 38% said it was the most important benefit when applying for a new job compared to 30% who chose holiday entitlement, while almost half of 55 to 64 year olds prioritised pensions.

Younger workers rate holiday entitlement higher with two in five 25 to 34 year olds priority being time off compared to about half that number choosing the available pension.

Despite this, many younger workers have potentially unrealistic aspirations for their retirement, with more than a quarter (27%) of 25 to 34-year-olds anticipating retiring before 60.

And just less than a third plan on saving for more than 15 years of retirement.

For those aged over 45, more than two in five were ‘concerned' about not having enough pension income in retirement with 17% ‘very concerned'.

Daniel continued: "More needs to be done to educate employees on the benefits of good quality occupational pension schemes.

"It is a concern that younger people, who are likely to have longer retirements than previous generations, place less emphasis on this valuable asset when applying for a new job.

"While many people are being squeezed in terms of disposable income, it is essential that people start planning for their retirement at a younger age.

"The onset of auto-enrolment later this year will help aid the shift towards a savings and pensions culture, however, it will also be vital that people are educated to understand the levels of contributions necessary to provide for a comfortable retirement," he added.

Women also rated pensions less important than male colleagues, with just 31% ranking it above holiday (38%).

Overall, all respondents placed low importance on company share schemes and childcare vouchers with just 18% and 12%, respectively, citing them in the top three benefits when applying for a new job.