Do you ever wonder about the future and how you are going to manage financially when you retire? I know it can seem such a long way off but it is a truism that the years whizz by. I told someone my age the other day and my daughter piped up that I was fibbing I was actually a year older. I was so embarrassed, I had honestly just forgotten another year had sped by! Oops.
I think it is important to look to the future and make sure you are going to be okay financially. The earlier you start to do this this the better.
At one time you were lucky to have a workplace pension but now it is your right. Auto Enrolment is a new law that has been placed to ensure everyone have access to a workplace pension scheme, ultimately helping people when they get to retirement.
Have you heard about it? Do you know what it is all about? Basically employers must now automatically enrol workers into a workplace pension scheme if they:
- are aged between 22 and State Pension age
- earn more than £10,000 a year
- work in the UK
This is called ‘automatic enrolment’.
A workplace pension scheme is a way of saving for your retirement arranged by your employer.A percentage of your pay is put into the pension scheme every payday. In many cases employers also adds money into the pension scheme for you, and you get tax relief from the government.The money is used to pay you an income for the rest of your life when you start getting the pension.
It makes me feel secure knowing such systems are in place for the future even if I don’t’ want o accept quiet how quickly the years are slipping by.
Click here for more info on Workplace Pension Schemes