More than 3 million people across the UK could be missing out on a pension top-up from their employer by failing to make a small contribution into their workplace pension scheme.
According to Royal London, many larger businesses offer valuable ‘matching’ contributions on workplace pensions but the minimum contribution level to a workplace pension scheme is based on qualifying earnings.
The rates are set to rise from April 2018, however, employees who don’t take up the offer from their employer could be missing out on an extra £650 of income per year.
Royal London estimates that a 40-year-old employee on average earnings who takes full advantage of the employer contribution would have £3,500 per year more than a worker contributing the minimum amount.
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