04/05/2023
Reasons why you should opt out of your workplace pension 👇
You shouldn't.
By opting out of your workplace pension you would be:
✨ Reducing the amount of money you retire with ✨
Do you know how much the state pension is?
The full new state pension is £203.85 per week, could you live off of that as your only income?
✨You're literally missing out on free money!✨
Your employer is legally obliged to contribute the minimum of 3% of your salary towards your pension, some employers offer much more.
✨You'll pay more tax✨
Pension contributions are exempt from tax, you are taxed AFTER pension contribution (as well as student loan / NI etc.) Therefore if you aren't adding anything to your pension, that money you could be using towards our retirement is being taxed.
*in some rare circumstances it may be beneficial to opt out of your workplace pension. For all instances you should seek financial advice
