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  • What we’ll answer
    • What are work place pensions (WPP)?
    • How do they work?
    • How much should I be saving?
  • A WPP is a fund that both you and your employer pay into so that come retirement you have money to buy those new pruning shears your 68-year-old self really wants!

  • “I’m too young to be thinking about pensions”. Without a pension you’ll have very little when you stop working, the British state pension is currently £6k a year.

  • For WPP you give a certain amount per month out of your salary, your employer gives a certain amount each month and the Government chip in too in the form of tax relief.

  • However, there is no such thing as a free lunch. There will be charges from the pension company and fees on your savings so make sure you understand and are comfortable with them.

  • As a rule of thumb, you should be saving approximately half your age as a percentage of your income for your retirement.

  • Remember, ignore the typical fluctuations of the financial markets, retirement saving is a long-term game. Concentrate on the things you can control – your contributions, the amount you have already saved, the fees and charges and how much you think you’ll need in the future.

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