I would recommend Word 2016 in Office 2016 for Mac (Yosemite or later) as the tactical/strategic word processor on the Mac. If you have considerable documents in Pages '09 format, and do not have an operational Pages '09 with which to export them to Word formats, that poses an interesting dilemma.
Here are features that are in Pages '09 v4.3, but not in the current Pages v5 release:
- Linked Text boxes
- Auto-capitalization of first word in a sentence
- Intradocument bookmarks
- Links to external Pages documents
- Facing pages (alternating header/footers)
- Insert Layout Break
- Capture pages
- Ability to copy/paste thumbnail section from one '09 document to another
- AppleWorks v6 support
- RTF document support
- Go to Page #
- Small floating inspector
- Functional design, with sub-toolbar for direct access to frequently used features (like one-button click for text highlight).
- Mail Merge
- Scores of other features not functional in Pages v5
Because of the huge disparity of missing features in any release of Pages v5, opening a Pages '09 document in Pages v5, and saving it will purge or mangle unsupported features, compromising the original Pages '09 document, and leaving it in a backward incompatible document format that Pages '09 cannot open.