TAGS:

Woman looking in empty purseQ I’ve been told there is going to be a change in my pension rights next month but I don’t understand how they are going to affect me?

A. You’re right to want to know where you stand because on October 1 almost 10million workers will be automatically enrolled on a workplace pension scheme. It is being rolled out at Britain’s biggest companies first and will extend to all other employers over the next five years. Workers have to opt out of the scheme to avoid being enrolled.

People aged 22 to state pension age, who earn more than £8,105 a year will be enrolled on their employer’s pension scheme. About 11 per cent of workers plan to opt out of the scheme. Check with your HR department to see when this will affect you.

Andrea Ventress, Money expert

 

HAVE YOUR SAY! Have you got more advice to offer on this question? If so, make sure you add a comment in the box below. Plus, if you’ve got a great money saving tip, send it to our money expert for a chance to win £50!