Pensions, Money, Financial sector, Business, UK news Business | The Guardian
Everything you need to know to plan for your future after Rachel Reeves’s inheritance tax changes in the budgetSince 2012, employers have had to enrol eligible workers in a pension scheme. You can opt out if you want, but the idea is that you are less likely to leave a pension than start one. Once in the scheme, your employer must make payments worth at least 3% of your salary. You must put in the equivalent of at least 5% of your pre-tax salary. But many experts say that isn’t enough. Phoenix Insights, a thinktank, says the current 8% total minimum contribution “is too low for most savers to achieve an adequate retirement income, and may be giving some a false sense of security”. So consider increasingupping your payments if you can. Continue reading…
Everything you need to know to plan for your future after Rachel Reeves’s inheritance tax changes in the budget
Since 2012, employers have had to enrol eligible workers in a pension scheme. You can opt out if you want, but the idea is that you are less likely to leave a pension than start one. Once in the scheme, your employer must make payments worth at least 3% of your salary. You must put in the equivalent of at least 5% of your pre-tax salary. But many experts say that isn’t enough. Phoenix Insights, a thinktank, says the current 8% total minimum contribution “is too low for most savers to achieve an adequate retirement income, and may be giving some a false sense of security”. So consider increasingupping your payments if you can.
