Thursday 23rd November 2017
As part of the Citizens Advice Exeter and The Express and Echo advice column this week we focus on pension auto-enrolment.
I’ve just started a new job and am being offered auto-enrolment for the first time. Do I have to join the scheme? I’m worried about meeting my living costs if I do.
Even if retirement is a long way off, or you’ve got immediate costs you need to cover it’s still worth starting a pension.
They are a great way to save for the future and can offer you financial security once you’ve stopped working. They’re also good value for money as your contribution gets topped up by both your employer and the government.
If you’re worried that auto-enrolment will make it harder for you to keep up with your living costs ask your employer how much your monthly contribution will be. Then add up the cost of your monthly expenses and take this away from your income, which should include your pension deduction.
It’s also worth seeing if you’re able to start receiving tax credits or other benefits to help with your living costs.
You will be automatically signed up to auto-enrolment so if you want to opt out you’ll need to tell your employer. Make sure you do this within one month to get a refund on the contribution you’ve made.
For further information and advice go to www.citizensadvice.org.uk or telephone Citizens Advice Exeter on 03444 111 444.
Look out for our column next week when we focus on parking fines.
The information contained in these articles does not constitute advice. Citizens Advice Exeter and The Express and Echo accept no liability for the information published. Citizens Advice Exeter is unable to respond to individual requests for advice through these columns. Copyright Citizens Advice. For the most up-to-date information, please visit www.citizensadvice.org.uk