Retirement: 7 'simple' tips to 'increase' the money saved into your pension

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People can take a risk questionnaire on the Standard Life website to see how much risk they might be comfortable taking when it comes to their investments. Britons are reminded that their pension is an investment. Its value can go down as well as up and could be worth less than was paid in.

For example, if they’re over the age of 22 but under State Pension age, they’re likely to have been automatically enrolled in a workplace pension scheme.

In this case, their employer normally needs to pay in a minimum of three percent of their earnings, while their minimum payment is usually five percent.

Some employers are willing to pay in more than the three percent minimum, and some might match one’s payments up to a certain amount – so if they put in more, they will as well.

It’s worth checking with employers to see what’s possible. This could help increase the money saved into their pension plan. People can read more about workplace pensions on GOV.UK.



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