Martin Lewis warns every employee in the UK to not miss out on a “hidden” pay rise
MARTIN Lewis has warned Brits to check they are enrolled onto their workplace's pension scheme - or risk losing out on a “hidden” pay rise.on MoneySavingExpert to check they're still signed up to their work's pension scheme.Credit: RexBut you won’t be able to use the bonus cash now - you’ll only be able to access it when you retire.into pension schemes since October 2012 to get workers saving for their golden years.
A minimum of 8% must be paid into the pension, with you contributing 5% and your employer paying at least 3%.For people with more than one job, each job is treated separately for automatic enrolment purposes. When you put money into your pot, it comes from your salary before tax is applied - which means it will cost you less to save.gave an example in his blog of how this works, with a basic tax payer who pays in 5% into their pot, with their employer putting in 3%.Meanwhile, their employer puts in £60 - cash you wouldn’t otherwise have if you opted out of the scheme.
But Martin said millions of Brits - or 10% of the working population - have chosen to opt out of the scheme.
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