Over 90% of employers believe pensions are a key recruitment and retention tool, according research by HSBC actuaries and Consultants (HACL).

The survey found 92% of employers believe pensions are an important way of attracting and keeping staff, but that 88% think that staff are not equipped to deal with the levels of risks associated with different pensions.

"Employers recognise now, more than ever, that a pension scheme is being increasingly seen as a differentiator by employees," said Paul Armitage of HACL.