Easy access to a pension
A big advantage of auto-enrolment, as its name suggests, is that you join your pension scheme automatically and your monies will automatically be invested in a default investment strategy. So, you don’t have to do anything yourself to join the plan. Once you have joined, you should review your contribution levels, investment options and target retirement age that you have been auto-enrolled at, to ensure they meet your requirements and meet your retirement plans. You may opt out of the plan, although this may mean you lose valuable benefits from your employer, so you should contact your employer before deciding to do this.
It also makes saving easier as money is paid into your pension from your employer and the government.
You need to remember, currently you can’t usually access the money in your pension until you are 55, at the earliest.
Watch our short video to find out more about auto-enrolment.
Watch time: 2 mins and 27 seconds