Pensions

RESEARCH

Young people that fail to save into a pension because of the Covid crisis could miss out on thousands in savings by retirement age

Young people that fail to save into a pension because of the Covid crisis could miss out on thousands in savings by retirement age

Purely Pensions, a specialist in pension advice, complex retirement planning and defined benefit transfer advice, has uncovered that many young people starting work in the wake of the crisis who may have chosen not to begin saving towards their pension, could miss out on tens of thousands in savings by the time they reach retirement age.

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Higher rate taxpayers could gain GBP18,500 on Child Benefit payments and leave themselves GBP120,000 better off in retirement

Higher rate taxpayers could gain GBP18,500 on Child Benefit payments and leave themselves GBP120,000 better off in retirement

Analysis from Quilter reveals that parents earning between GBP50k and GBP60k a year could gain as much as GBP18,500 in Child Benefit payments by increasing their pension contributions while also leaving them GBP120,000 better off in retirement.