“But a lot of companies will say if you pay in eight percent, we will match this and also pay in eight percent, so you have the opportunity to get some free money.”
Those in their 30s and 40s especially have time to make “a lot of money” in their pension.
Peter discussed the importance of knowing exactly what one’s workplace pension scheme is invested into to boost pension pots.
He said: “People wanting to make the most of their pensions should make sure they’re invested in something that will work as hard as possible for them.
“If you don’t know what your workplace scheme is all about, and what type of funds you are invested in, the first thing you should be doing is speaking to your HR team to know what you’re invested in to.”
Most people in employment should have access to a workplace pension and should be already automatically enrolled.