How much will be paid into my pension? Once you’re in The People’s Pension, you’ll pay a minimum of 5% into your pension pot which we’ll deduct from your wages. Odevo will also pay into your pension pot, contributing 3%. This means much more than just your own money will be going into your pension pot.
In addition you will benefit from valuable tax benefits from the government – so it’s not just you putting money towards your retirement.
What are the benefits of joining? More than half of UK adults who are planning on retiring, expect that their financial situation will not support their desired lifestyle in retirement.
So, having a workplace pension is more important than ever – it means that employers are helping their employees to save for their retirement.
Pension Scheme
And the great thing about a workplace pension is that it’s not just the employee who pays into a pension – the employer and the government contribute too. It’s extra ‘free’ money for the employee.
This money builds up in your personal pension pot and you can spend it when you retire, or any time after you reach 55 (the government proposes to increase this to age 57 from 2028).
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