MARTIN Lewis has issued a warning to workers who could be missing out on thousands of pounds towards their pension pot. The consumer champion explained how you could be losing money by opting out o…
Your bosses should write to you when you've been automatically enrolled.
A minimum of 8% has to be paid into the pension, with you contributing 5% and your employer paying at least 3%.- so the actual amount you're putting away is less than it sounds. As an example, if you pay 20% tax on your earnings, and your pension contribution is £80, this actually only costs you £64. While opting out of a workplace pension will increase your salary in the short term, it means you'll be missing out on a bigger pension in retirement.Read More on The Sun
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