What is a workplace pension?
A workplace pension is another way of saving for your retirement. It works by taking a percentage of your salary, usually on payday, and paying it into your workplace pension plan. In most cases, your employer will also pay in, meaning your pot will grow faster. What's even better is you won't have to lift a finger to set it up - your employer will arrange it all for you!
Thanks to automatic enrolment your employer now has to offer a workplace pension and unless you've specifically opted out, both you and your employer are probably already saving towards your retirement.
Good to know...
When thinking about starting to save for retirement, you need to be able to accept some element of risk. It's possible that the value of your retirement savings may go down, reducing the amount of money you get back in the future.
Currently you won't be able to get hold of your retirement savings before the age of 55 (unless you are forced to retire early through ill health).