Brits 'should not opt out' of pensions

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Brits 'should not opt out' of pensions

Mon 28th Nov 2011

Individuals being entered into pension schemes as a result of the government's upcoming auto-enrolment scheme should not choose to opt out, it has been argued.

Tom McPhail, head of pensions research at Hargreaves Lansdown, said the scheme will mean employers are helping to bolster the pensions saving of individuals and therefore it would be foolish to turn down this extra income for the future by opting out.

He commented: "First and foremost I think it is important to be aware of how much is being paid into your pension and what kind of retirement income you can look forward to."

According to figures published by the TUC, changes to public sector pensions over the coming years will not result on lower-paid workers losing out.

The organisation received assurances from the government that individuals earning less than £15,000 will not have to pay any more for their pensions this year and those on less than £18,000 will see a maximum contribution increase of 1.5 per cent of their pay.

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