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Opting out of your work pension plan could 'damage' your long term financial health

The Pensions Advisory Service urges young workers to consider the impact not saving for retirement can have in later life

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23 December 2011

Opting out of your work pension plan could 'damage' your long term financial health”

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UK consumers have been warned that they could be putting their long term financial health at risk by opting out of their workplace pension scheme.

Tony Attubato, head of dispute resolution at independent non-profit organisation The Pensions Advisory Service, claimed that the standard of living Britons will be able to enjoy in their retirement is directly linked to how much they can save while they are working.

He said: "Not joining, or opting out, of your employer's pension scheme equates to giving up part of your pay.

"If you are thinking of taking this step, make sure you have thought through the implications. You might have short term reasons for not joining, but your long term financial health may be damaged by doing so."

Global financial services company Prudential recently commissioned the Pensions Policy Institute to produce a series of case studies illustrating the impact opting out of a workplace pension scheme can have on staff in the early stages of their working lives.

Posted by Jack Ramsey

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