Maximising Pension Savings

Posted on: 09 Sep, 22

Welcome to our Guide to Maximising Pension Savings. Many people are feeling the pressure on their finances at the moment due to the backdrop of rising inflation and the cost-of-living soaring. In these circumstances, it can be difficult to think about your long-term finances or even contemplate saving for the future.

However, even in the current climate there are ways to maximise the value of any pension savings you do have.

Free money from your employer

When offered the opportunity to join a workplace pension, it’s nearly always a good idea to do so. For most people, your employer must automatically enrol you in a workplace pension scheme, and you may even be offered a pension plan if you don’t meet the criteria.

Workplace pension schemes are made up of your own payments (5% or more of earnings) which are deducted from your salary, often before you pay tax, making it easier to save, and your employer’s contribution, which at the very least must be equivalent to 3% of your earnings.

Many employers offer more than this or match any extra payments you make so it’s worth checking if you’re getting the most out of this valuable benefit...

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