Personnel could find it easier to save for their retirement if they are offered the right employee benefit scheme.

This is according to a report by the National Association of Pension Funds (NAPF) and the Pensions Policy Institute, which noted businesses could get their staff a better deal by negotiating for the best products from providers.

It is possible to find stakeholder pensions with long-term changes of 0.3 per cent from some major firms, it was explained.

The legal limit on this fee, which is the most common retirement scheme used by workplaces, is 1.5 per cent for the first ten years and one per cent thereafter.

If companies manage to negotiate with providers to receive a 0.3 per cent rate on the product they offer their staff as part of their employee benefits package, they could increase the income each worker makes for their older years by 17 per cent, the report claimed.

Chief executive at the NAPF Joanne Segars said: “High charges can eat away at a savings pot and both workers and employers should try to keep them down.”

Meanwhile, getting the best annuity rate can also be of benefit to workers. In fact choosing the wrong one and paying high charges on pensions could reduce a saver’s potential retirement income by 24 per cent, the report stated.

Workers who get a bad deal when it comes to these factors may end up having to work for longer, with the NAPF and PPI arguing individuals could still be at their desk in their early 70s.

It will soon be compulsory for all businesses to automatically provide a pension scheme for most employees as part of their staff rewards package.

Personnel at firms over a certain size must be automatically enrolled on to a retirement fund by their organisation from October this year, although smaller enterprises are being given extra time to prepare for the legislation.