If you’ve been tempted to skip pension payments to get through the current cost of living crisis, you’re not alone. Government data shows around 10% of people have already opted out of their workplace pension. And this figure could rise to around a third of workers, according to research from investment firm AJ Bell, while others are temporarily reducing their contributions.
However, opting out of your pension won’t save as much as you think when you factor in losing tax relief and employer contributions. For example, a one-year break from contributing 8% of a £30,000 salary would save you £100 a month (or
