Action plan – Make the most of automatic enrolment
Automatic enrolment is a great way of starting to save for your retirement. Follow the steps below to understand what your pension contributions will cost you, what kind of retirement income they’ll generate, and how to free up money to save even more.
Use our automatic enrolment advice tool
The tool will help you assess the advantages of saving into a workplace pension, taking account of your financial circumstances and how close you are to retirement.
Check whether you can afford your workplace pension contributions
You need to be sure you can afford your pension contributions after taking into account all of your income and outgoings.
See whether you can free up money to meet or increase your contributions
In most cases, if you contribute to your workplace pension, your employer will contribute too.
You might be surprised at the amount you can set aside each month for pension savings by cutting down on non-essential purchases.
See what kind of retirement income your contributions will generate
Automatic enrolment is a hassle-free way of starting to save for your retirement, but you may find you want to save more than the minimum, to generate the kind of retirement income you’d like.