Thousands of workers could be owed cash after big pension failure – how to check if you’re affected
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THOUSANDS of savers could be at risk of losing out on retirement cash due to a big pension failure. An investigation by The Sun has found hundreds of cases where employers haven't invested their staff's hard-earned pension contributions into their funds, shrinking their golden years pot.
![[Savers could be missing out on pension cash]](https://www.thesun.co.uk/wp-content/uploads/2024/10/crop-31331763.jpg?strip=all&w=960)
Under a workplace pension scheme, a portion of your salary is automatically deducted and contributed to your pension fund each pay period. Your employer also contributes to the scheme, and the government provides tax relief on the contributions. For the most part, the worker has to trust that their contributions are being added to their fund - which grows over time.
But that doesn't always happen, as our analysis has found, and experts say it's smaller companies which are the most affected. Steve Webb, former pensions minister and current partner at consultants LCP told The Sun: "Whilst automatic enrolment has been a huge success with over 10million more workers now saving into a pension, there is no doubt that there are thousands of cases when employers fail to comply with their legal duties.".
The Pensions Ombudsman (TPO) has upheld hundreds of complaints over the past few years where employers have failed to add their employee's contributions to the scheme. What's worse is the issue is likely far more widespread but workers might not be aware, or they may have just not complained to the ombudsman.
