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Your Employers Bad Planning Could Affect Your Future

Your Employers Bad Planning Could Affect Your Future

Published at 4:36pm 31st March 2017.

Workplace Pensions Direct Promoted by
Workplace Pensions Direct

You'd notice if your payslip came in short of money. You'd notice if you didn't get your business expenses back. And you'd definitely notice if you lost your job. But how much do you notice about your pension?

Employers are now by law required to provide a pension scheme for everyone within the company, but what's not required by law is to make sure the choice is the right one. Experts from Workplace Pensions Direct think this could be a problem for people in the future. And unfortunately for some, mistakes have actually already been made...

  • One restaurant put all their staff into a pension scheme, not realising they had chosen one which meant most of their staff missed out on tax relief - costing them 25% of their final pension sum.
  • A factory once chose a pension scheme which meant that staff couldn't move their old pension pots with them.
  • And one football club chose their scheme because it was advertised as free for the employer, yet all the employees soon realised they had to pay twice the amount of fees as a result.

Here to make sure you (or your boss) doesn't make the same mistake is Steve Conley from Workplace Pensions Direct who talked to Stray FM's Beth Parsons.