UK. Why the increase to workplace pension contributions is a much bigger deal than you think
To some this will seem just another of those irritating little deductions that come through on salary slips, but in reality the amount you contribute will have a huge impact on your future
From Saturday, the start of the new financial year, the 10 million or so Britons who are included under the pensions auto-enrolment legislation will have their workplace pension contributions go up from 5 per cent of their salary to 8 per cent.
Employees have to contribute 4 per cent and employers must add at least another 3 per cent, with a 1 per cent top-up from the government. That is the minimum. For many people the contributions will be higher.
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