How your workplace can help
Many adults aren’t saving enough for their retirement – if they’re saving anything at all – and you might not want to rely solely on the State Pension to keep you going through retirement. The full State Pension of £164.35 per week for the tax year 2019/20 is below what most people say they hope to retire on.
This is where workplace pensions come in – most employers must offer them and should automatically enrol you if you’re eligible. Workplace pensions are run by employers and your pot is based on contributions taken directly from your wages, as well as your employer’s contributions. If the option’s available then it’s worth opting in to a workplace pension.
On top of employer contributions, workplace pensions also come with tax relief. Saving for your future with the help of your employer – and tax-free – is great for you. The money you would’ve paid in taxes goes towards your pension, and means you’ll have a lot more to spend in the future.
Find out more about workplace pensions.