{"id":43532,"date":"2023-10-19T16:39:04","date_gmt":"2023-10-19T16:39:04","guid":{"rendered":"https:\/\/cabanesetcompagnie.com\/?p=43532"},"modified":"2023-10-19T16:39:04","modified_gmt":"2023-10-19T16:39:04","slug":"a-mistake-no-one-is-telling-you-about-your-pension-is-costing-you-thousands","status":"publish","type":"post","link":"https:\/\/cabanesetcompagnie.com\/world-news\/a-mistake-no-one-is-telling-you-about-your-pension-is-costing-you-thousands\/","title":{"rendered":"‘A mistake no one is telling you about your pension is costing you thousands’"},"content":{"rendered":"

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Experts are warning of a potential pension mistake that taxpayers are making which \u201ccould be costing you thousands\u201d.<\/p>\n

This latest warning comes after another money expert highlighted a “common UK company pension mistake” that could “cost you tens of thousands of pounds”.<\/p>\n

Social media platforms, such as TikTok, have become useful tools for those interested in generating conversations around money.<\/p>\n

One content creator named Fernanda (@frnndgdlh) recently posted about a likely retirement error which is losing people money.<\/p>\n

Specifically, the young woman encouraged workers to contribute more towards their pension scheme and \u201cstop leaving money on the table\u201d.<\/p>\n

In a 35-second TikTok, she broke down how workplace pension plans work and how people can bolster their retirement savings.<\/p>\n

Read more… \u2018I\u2019m a financial planning expert, here are the pros and cons of consolidating pensions\u2019<\/strong><\/p>\n

@frnndgdlh<\/p>\n

This is not financial advice, just some food for thought as this is a very nuanced topic! #pensionuk #pensionadviceuk #millennialfinances #millennialmoneymindset #investing101<\/p>\n

original sound – Fernanda<\/p><\/blockquote>\n

However, Fernanda clarified the commentary she is sharing should not be taken as universal \u201cfinancial advice\u201d as every person\u2019s situation is different.<\/p>\n

The video included the caption: \u201cThis is not financial advice, just some food for thought as this is a very nuanced topic.\u201d<\/p>\n

In the TikTok, the content creator explained: \u201cHere\u2019s what nobody is telling you about your pension and it could be costing you thousands.<\/p>\n

\u201cWhat a lot of people don\u2019t understand about their pension is that the pension is not an account. A \u2018pension\u2019 is a tax wrapper.<\/p>\n

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\u201c[It] means that every time you put money in there, you are getting tax relief from the Government.<\/p>\n

\u201cThis translates to actual money from the Government being deposited into this account.\u201d<\/p>\n

Halfway through the clip, Fernanda highlighted that this is applicable for basic rate taxpayers with higher and additional rate payers having to claim some tax relief via a Self-Assessment form.<\/p>\n

She added: \u201cWhenever you dismiss your pension as somewhere you need to be investing through or you opt out of your workplace pension, you\u2019re leaving money on the table.\u201d<\/p>\n