The SNP have successfully argued the case for a special cross party working group to deal with the cost of living crisis.
16.05.2022 - 22:03 / manchestereveningnews.co.uk
With the cost of living crisis making an impact on almost everybody, you may be looking for quick and easy ways to cut back which won’t impact you as much. A seemingly simple thing to do which you may consider could be to cut your pension contributions. This is advised against, however, as it could seriously affect you in the long run.
The latest Which consumer insight tracker found 59% of people made an adjustment to cover essential spending last month, and 28% were forced to dip into their savings. If you're auto-enrolled into a pension scheme run by your employer, it's likely that at least 5% of your salary is going into your pension.
READ MORE: Minister says people should work more hours or get better job to protect themselves from cost-of-living
But although reducing or stopping your contributions could be a tempting quick win for your finances, Which says it will have consequences when you come to retire.
If you are over the age of 22, in full time employment and earn over £10,000 a year, it’s likely you were automatically enrolled into your workplace pension. Auto-enrolment pensions were launched in 2012 and now have a total minimum contribution of 8% of your qualifying earnings. Your employer must pay 3% as a minimum and the remaining 5% is paid by you. Your contribution includes tax relief, so less than 5% will come out of your salary.
You're not legally required to pay into your pension, and your employer can't require you to. If you're self-employed, you're also not required to pay into a pension. But, if you do not contribute anything and just rely on state pension, it is unlikely that you will have enough to fully fund your retirement.
If you reduce your pension contributions, it could impact you in the
The SNP have successfully argued the case for a special cross party working group to deal with the cost of living crisis.
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