Have you been automatically enrolled into your workplace pension scheme? Or are you wondering if you should join your colleagues and take advantage of your workplace plan? Without the right insight, pension pots, pension schemes and retirement funds can quickly become complicated affairs, and the idea of saving for your future suddenly gets overly complex. For pension allowances explained, click the link.
Thankfully, the pros of joining a workplace pension are widely recognised, and overall workplace pensions make saving for your retirement years much more attainable. Here we’ll explore some of the best reasons to pay into a workplace pension.
1. The best of both worlds
It’s easy to think that once you’re enrolled in a workplace pension that you’re out of other options. However, that’s simply not the case. The average person has 6 jobs in their lifetime, which means 6 potential workplace pensions to keep on top of. Thankfully, you can consolidate these pensions into one easy to manage pot, giving you flexibility and better control over your retirement funds no matter where your career takes you.
2. It complements your state pension
While the state pension is considered a lifeline for retirees and for those who qualify, if you haven’t met the criteria or you simply haven’t contributed enough, then you may struggle to achieve the retirement you want on your state pension alone. By having a workplace pension in place and even an additional pension plan, you’ll be able to supplement your state pension and retire comfortably.
3. The retirement you want is more attainable
Whether you envisage spending more time with your grandchildren, travelling the world, or even moving overseas to sunnier climes, when you enrol in your workplace pension, the retirement you want is much more attainable and realistic. This kind of retirement kickstart will give you reassurance and confidence knowing that your retirement is in safe hands.
4. Increase your contribution and your employer will match it
All employers must meet the standard criteria and contribution amounts set by the government, however, if you choose to increase your contribution to boost your retirement fund then your employer will also increase their contribution to match it.
5. The earlier you start – the bigger your savings!
When it comes to retirement planning, the earlier you start, the better. Therefore, enrolling in a workplace pension means you can start saving as soon as possible. The sooner you consider your retirement, the less pressure you’ll be under to reach your retirement goals.
Remember: You have other options
While joining a workplace pension scheme is an important opportunity, you mustn’t lose track of your workplace schemes. Something which is incredibly common for people who move from one role to another over their working life. Pension experts such as Wealthify can help you gain back control of your pension pots, consolidating them into one, manageable location.
Planning for your retirement is easy with a workplace pension, and retaining control of your money via a Wealthify pension scheme. Reach out to the experts today.