Workers warned about losing pension money

Experts warn about workplace pensions.

Workers were warned about losing free money from their pensions. They might miss out on important funds.

In the UK, people have two kinds of pensions: State Pension and workplace pension. The State Pension comes from the Government.

Workplace pensions are set up by employers. They usually start one when you begin a new job.

Financial experts say don't opt out of these schemes. It could leave you with less money.

Martin Lewis says don't stop or lower your pension payments.

MSE says beware of stopping or lowering payments. You might throw away free money.

If you lower payments below 5%, your employer might not add money. This could be a big problem.

Martin Lewis warned about this before. He said don't throw away a hidden pay rise.

If you lower payments below 5%, your employer doesn't have to add money.

Someone asked if they should use a private pension instead. The answer was no.

For every £100 you put in, your employer adds £60. You also get tax relief, so it costs you less.

Martin Lewis says beware of pulling out of the pension scheme. You might throw away free money.

He also said be careful if you want to lower your payments. If you go below 5%, your employer might not add money.

More information is on the MSE website.

COPYRIGHT DISCLAIMERS

4English does not own the rights to this content. All rights belong to the owner. 4English only uses this content to help users learn English via the app's features. Contact to request the removal of your content: contact@4englishapp.com.

Practice Listening