Pension warning: one in five don’t know how much is going into their pension

New research from Hargreaves Lansdown reveals that 19% of people are unaware of their pension contributions, rising to one-third among over-55s. With retirement costs increasing, understanding one’s financial needs is crucial. Employers automatically contribute 3% to a pension scheme, and increasing personal contributions can lead to significant growth over time. Considerations such as salary sacrifice arrangements and the impact of pension changes should be factored in when assessing pension contributions.

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