Martin Lewis warns households not to throw away ‘hidden pay rises’ worth £1,000s – how to get them
Your bosses should write to you when you've been automatically enrolled.
While opting out of a workplace pension will increase your salary in the short term, it means you'll be missing out on a bigger pension in retirement.How much could it add over the long term?So if you opt into auto-enrolment from your early 20s and stay in it until you're 55, that could be thousands of pounds stored up over the years.you're entitled to.
Other than staying in your workplace pension, make sure to hunt around for old pension pots, as an example. You might go through a number of jobs in your lifetime, and not keeping track of those pension pots could leave you with unclaimed money by the time you retire. You should have one statement per year from each of your providers - so make sure you store these in a safe place that you can easily come back.There are also handy government tools like the pension tracing service which you can find online.You should also check if you're eligible forThese are a weekly, tax-free payment offered to people on a low income who've reached state pension age.
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