Keep on running
H OW long do you expect to live for after you retire – 10 years? 20 years? Maybe even more! It's a fact that we're all living longer, but will you have the money to enjoy your later years? This isn't about going on round-the-world cruises or buying a villa in Spain. We're talking about the everyday things that you take for granted – meeting a friend for a drink, running a car or buying birthday presents for your family.
It's a hard truth, but we all need to save more for the future. The State Pension – currently £107.45 a week for a single person – will cover the basics, but you'll probably want more to live on.
So what's the answer? There's good news if you're aged over 22, in work and earning at least £8,105 per year.
The law has changed so your employer will have to automatically enrol you into a pension at work. This means they need to find a suitable pension and sort out all the paperwork.
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You'll pay into the pension on payday but you won't be the only one. Your boss will contribute – that's EXTRA money! – and the government will give you tax relief too.
When you retire, your pension pot will pay you an income for the rest of your life.
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 change means for you.
You will have the chance to opt out of your pension but, before you do, here are some things to think about:
â Your boss has to do the hard work so you don't have to go looking for a pension or fill in any complicated paperwork.
â Once you're enrolled, your employer and the government will contribute to your workplace pension on payday.
â Millions of working people across the UK will benefit, including your workmates, friends and family. Don't miss out!
Put simply, saving in a workplace pension makes sense. For once, taking no action could be the best thing for you… and you can't say that very often!
Find out more about workplace pensions, including how much you might receive from your boss and the government, at www.thisisbristol.co.uk/payasyougopensions.
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