Sponsored content - What do workplace pensions mean for you?

Money Tree
Money Tree

You can sign up for a workplace pension at the link below, but you might wonder why bother?

Of course, you will probably get the basic state pension, which is currently up to £107.45p a week. That’s a good foundation, though you may want more if you plan to enjoy life after work to the full.

So you need to start putting some additional money from your wage or salary away right now. Under this new scheme, your employers will do this for you by automatically enrolling you into a workplace pension – then they’ll top it up by adding their own cash.

If you work for a company or organisation which has more than 10,000 people on the payroll, then you should have been enrolled by this Spring. By early 2014, everyone working for a company or organisation with a workforce of 350 people or more should have been signed up.

At present, fewer than one in three adults are contributing to a private pension. An incredible 11 million people in the UK aren’t putting away enough at the moment to fund the kind of retirement they’d like.

For now, and right up until October 2017, you’ll pay in a minimum of just one per cent of a band of earnings (anything you earn between £5,564 and £42,475 (2012/13 figures)). But remember that this is before you get tax relief, and your employer also has to pay in an additional one per cent. So you’ve instantly more than doubled your money.

For more information and to register click the link below.

www.midlothianadvertiser.co.uk/payasyougopensions/