Finance firm the Funding Corporation has set up its own pensions task force to ensure that its young employees are not confused by their pension.

The company, which provides motor loans and other personal loans to consumers, became so alarmed that its primarily 20-something staff did not understand the importance of saving for retirement that it now forces staff to opt in or out of the company scheme after six months.

This has also been written into their employment contracts. Joss Ivory, HR manager, said that the challenge was to get staff who currently only think about spending thinking about saving now. The task force will run seminars and briefings for staff.