Martin Lewis issues urgent pensions warning for millions of workers who could be missing out on £1,000s a year - make sure you don't miss out
PENSION savers have been warned by Martin Lewis to check their provider has set the right retirement age or they risk losing thousands.founder said millions of people could have the wrong retirement age on their workplace pensions.He said: "Go to your scheme and check what your retirement age is, and if it’s wrong, change it. It's as simple as that.
Martin explains the issue is that those with what's known as a defined contribution pension scheme - where both you and your employer contribute cash - often have a default pension that de-risks as you get closer to your retirement age. But the problem with doing this too soon, is that withdrawing your pension from the stock market also means it's not growing if the stock markets rises.It found that someone whose retirement age is incorrectly set at 60, for example, could miss out on nearly £10,000, while those with a default pension age of 65 stand losing £4,000.
"So it moves you into lower risk funds and away from stocks and shares, which is the right thing to do as if you happen to retire when the markets are down and all your money is in the markets then it's a problem.Personal pension or- This is probably the most flexible type of pension as you can choose your own provider and how much you invest.
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