Company Pensions retirement dates need to be checked!
Quote” PENSION savers have been warned by Martin Lewis to check their provider has set the right retirement age. Or, they risk losing thousands.
On ITV’s Good Morning Britain recently, the MoneySavingExpert.com founder said millions of people could have the wrong retirement age on their workplace/Company pensions.
It found that someone whose retirement age is incorrectly set at 60. So, for example, you can miss out on nearly £10,000, while those with a default pension age of 65 stand losing £4,000.
And with automatic enrolment forcing employers to opt staff into workplace pensions, millions could be affected. ” Unquote
Check your pension retirement age you have set with your pension providers or contact your broker.
If you however remain at work after 60 with your employer, you can remain “opted in” through your employers scheme who will then continue to fund it. It is the employers responsibility to ensure you are enrolled in a company pension scheme provided by the employer from 22 to state pension age.
This is your right.