Jasmine Birtles – Roll up for a pension pot
I think automatic enrolment is a very good idea. In fact I'm sorry it wasn't introduced into the UK earlier, as it has been already in Australia, New Zealand and a number of European countries. Workers in those countries have already amassed pots of money that will help keep them going in retirement.
I know from personal experience that not everyone puts money aside for retirement. I didn't do it for years even though I knew I should!
That's the great thing about automatic enrolment which is starting from October this year. The thinking and the work are done for you so you don't have to remind yourself to set up a pension and keep paying into it. Of course you can opt out if you want to, but most people would be better just staying in and letting their employers do all the hard work.
Also, even better than that, your employer adds in money to your pension and the government puts in the tax you would have paid too, so you start off with extra cash.
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With automatic enrolment, the research and effort is eased. Also, having money taken out of your salary before you even see it is another great way of saving without noticing. After a while we tend to just get used to living on slightly less each month. We all think we can't afford to put money aside for our futures but think of it as a way of "paying ourselves first".
Whatever your age and whatever you're earning, it's still worth putting something aside into
a pension each month.
We are all living longer, so the more we have in a pension pot, and other pots for that matter, the better for a happy future!