How to track down lost pensions worth £1,000s
A MUM-OF-ONE has revealed how a common move to simplify her pension savings ended up costing her thousands of pounds.The 28-year-old from Birmingham told The Sun she had always been "put off" by the process of combining her workplace: "Maybe it was my naivety, but I didn't know the process to combine my pensions and I had assumed it would be really time-consuming.
You then contribute a percentage of your salary towards your pension each month - the minimum is 5% - while your employer contributes a minimum of 3% unless you opt-out.For modern workplace pensions, this is capped at 0.75% of your total pot, although many charge less than this. This does exactly what it says on the tin, it’s how you pay your provider for running your pension scheme and
It wasn't until 15 months had passed that Rymyni, who works as a project manager for a tech company, decided to leave the provider.Rymyni said: "It was a massive amount, it was insane, and they didn't even give me choices on how I want to invest my pension. A minimum of 8% must be paid into the pension, with you contributing 5% and your employer paying at least 3%.For people with more than one job, each job is treated separately for automatic enrolment purposes.
Patrick Heath-Lay, chief executive officer said: “Unfortunately, very few people know exactly what they are being charged for their pensions and they are being let down by an industry that doesn’t make this information easy to find or understand. Alternatively you may wish to move money to a private pension or use a consolidator service, such as Pension Bee, Aviva, or Wealthify.
Also ask whether you'll be charged a fee to exit your existing provider and to join your new provider, plus whether the age at which you can access your pension is different - for most people this isYou also need to ensure the pension you're leaving doesn't come with valuable added perks, or you could lose out.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Martin Lewis warns millions of drivers risk £1,000 DVLA fine due to often-forgotten licence ruleMartin Lewis warns car, van or motorbike owners they could be owed £1,000s
Weiterlesen »
Car finance firms told to set aside enough compensation cash for drivers’ bills amid new crackdown...Martin Lewis warns car, van or motorbike owners they could be owed £1,000s
Weiterlesen »
Martin Lewis warns drivers they could accidentally commit FRAUD in desperate attempt to save on car...Martin Lewis warns car, van or motorbike owners they could be owed £1,000s
Weiterlesen »
Five HMRC perks to save £1,000s before tax year ends next weekSpring Budget 2024: How income tax and National Insurance work
Weiterlesen »
Martin Lewis issues one-week taxpayers warning to avoid losing 1,000sAre you eligible?
Weiterlesen »
Martin Lewis issues one-week taxpayers warning to avoid losing 1,000sAre you eligible?
Weiterlesen »