'I’m a pensions expert – here’s four common mistakes that could see you miss out on thousands'
A minimum of 8% must be paid into your pension in total - you must contribute at least 5%, and your employer at least 3%. You're eligible for the scheme if you are aged 22.Choosing to do so, however, could have "significant long-term consequences" on their future finances, Ms Smith said - and you could lose out on hundreds of thousands of pounds.
In fact, many agree to match any extra contributions workers put into their pension up to a certain limit, Ms Smith said. "This can be a fantastic deal, so employees who can afford to pay more should check with their employer to see if they offer this."is where a worker agrees for a chunk of their earnings to be put into a tax-free benefit..
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