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Money experts are warning workers of a potential\u00a0pension mistake that could \u201ccost you tens of thousands of pounds\u201d.<\/p>\n
Mickey Adler (@mickey.adler) is a content creator on TikTok who shares personal finance advice, including regarding pensions and savings.<\/p>\n
In a recent video, Mr Adler cited the issues that arise due to the UK companies\u2019 auto-enrollment pensions.<\/p>\n
Since 2012, employers have been gradually forced to automatically enroll eligible workers into a pension scheme, whereas it was previously up to employees if they wanted to join.<\/p>\n
This applies if you work in the UK, are not enrolled in a scheme, are at least 22 years old, and earn more than \u00a310,000.<\/p>\n
Read more: Retirees need \u00a3638,000 to live comfortably until they are 100 years old<\/strong><\/p>\n @mickeyadler<\/p>\n Dont let this common UK company pension mistake cost you tens of thousands of \u00a3! #savemoneytips #savemoneyadvice #savetiktok #savemoneyhack #savemoney<\/p>\n original sound – mickey.adler<\/p><\/blockquote>\n At a minimum, workers need to contribute five percent of their wages, including tax relief, into their retirement plan with their employer matching this amount by three percent.<\/p>\n However, Mr Adler\u2019s TikTok broke down why this may not be as helpful to Britons looking to bolster their retirement savings significantly.<\/p>\n Included in the minute-long clip was the caption: \u201cDon\u2019t let this common UK company pension mistake cost you tens of thousands of pounds.\u201d<\/p>\n He explained: \u201cPensions are boring and retirement is far away but if you\u2019re living in the UK and working for a company, you\u2019re most likely leaving money on the table. A lot of money.<\/p>\n Don’t miss… <\/strong> \u201cBy law, UK companies are obliged to auto-enrol you into a pension scheme. The scheme is supposed to be a generic fund that tailors to everyone in the company\u201d<\/p>\n According to the personal finance expert, this means that many workers are not enrolled in retirement schemes which are suited to them.<\/p>\n Employees in their early 60s and new graduates entering the company are being placed on the same pension schemes despite having different financial priorities.<\/p>\n Towards the end of the TikTok, Mickey outlined what workers can do to make sure they are taking full advantage of their pension benefits.<\/p>\n We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info<\/p>\n The content creator shared: \u201cFirstly, I recommend you get in touch with your HR department to make sure you are also enrolled on the scheme<\/p>\n \u201cNumber two: find out who your pension provider is. Lastly, I recommend talking to someone that you trust who is financially savvy or finding a financial advisor<\/p>\n \u201cJust make sure if you find a financial advisor that they charge by the hour or as a flat fee.\u201d<\/p>\n Those interested in getting more money and pension advice can follow Mickey\u2019s TikTok channel for more information.<\/p>\n Get all the latest news, entertainment, sport and lifestyle updates from our dedicated American team.<\/p>\n
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Wage growth guarantees 8.5% pension increase challenge for Hunt, expert warns<\/strong>
Millions assume they\u2019re \u2018entitled\u2019 to the state pension. They’re wrong<\/strong><\/p>\n![](\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/23\/590x\/secondary\/pensions2-5019672.jpg?r=1697647422816\")
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