Map out your future
Life can be full of surprises. There's now even a way to improve your financial future without doing a thing.
Millions of working people across the UK are set to benefit from a change in the law. This includes you if you're employed, aged over 22 and earn at least £8,105 a year.
The law has changed so your boss has to find a suitable pension scheme and enrol you into it automatically. This means that your employer – and not you – has to do all the hard work.
It's great news if you don't have a head for figures or worry about making the wrong choices with your money.
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If you've never thought about having a workplace pension before, it might sound complicated. But it's really a simple pay-as-you-go system. The money that goes into your workplace pension on a regular basis will grow over time to give you an income in retirement.
Once you're enrolled, a small percentage of your salary will go straight out of your paycheck and into your pension pot.
Your boss will pay in as well – so saving now means you'll get EXTRA money that you wouldn't otherwise see. The government will give you tax relief too.
You will have the chance to opt out of your workplace pension but, before you do, here are some things to think about:
The current State Pension is £107.45 a week for a single person. It's a great foundation, but saving through a workplace pension will give you more money to spend in retirement.
Unlike other types of saving, you won't be the only person paying in. Your employer and the government will contribute also – that's not something you get with your mortgage or savings account.
And with these contributions, your pension pot will grow more quickly over time compared to saving on your own.
This change starts with the biggest companies first, but will affect all businesses over the next few years. Look out for a letter from your boss that explains what this means for you.
Staying in a workplace pension could be the best decision you make, not just for yourself but for your whole family's future.
Find out more about workplace pensions, including how much you might receive from your boss and the government, at www.thisisdevon.co.uk/payasyougopensions
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