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31/10/2008
Workers 'not aware' of right to transfer benefits |
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Workers are not educated about their rights to take benefit packages with them when they leave an employer.
Graham Tinney, senior partner at independent financial advisors Foster Denovo said that he believed the problem was one of communication and he hinted that employees needed to be educated about their rights.
In his presentation at Employee Benefits Live 2008, Mr Tinney said that although they are eligible to take benefits with them such as pension schemes and private medical, most employees did not know that they could.
When asked about whether workers were aware that they cold replicate their employee benefits independently if they exit a company, Mr Tinney said: "They are not aware, hence the need for communication.
"They leave thinking they're leaving their pension scheme with the company, when it's actually their own plan that they can take with them."
According to a survey entitled 'Trends in Employee Benefits in 2008', published Hymans Robertson in February, one in three employees expected a cut in their benefits package but over 95 per cent of employers had no plans to make such cutbacks. |
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