Workplace Pension Scheme (WPS) tips for employees

Workplace Pension Scheme (WPS) tips for employees

by Aurora Financial — Posted on November 22, 2023

Understand, login and know your WPS: Know the contribution rates, whether your employer matches contributions, the investment options and limitations available.

Take Advantage of Employer Contributions: Take full & maximum advantage if your employer offers to match your pension contributions, it’s essentially free money that can significantly boost your retirement savings.

Review and Update Your Investment Strategy: Annually review your pension investment choices. Assess your risk tolerance, investment goals, and the performance of your chosen funds, Updating and adjusting these each year.

Consider Increasing Your Contributions & Consolidate Old Pension Plans:  If you’ve had multiple jobs with different pension schemes, consider consolidating them into a single plan. This can make it easier to manage your pension investments and keep track of your overall retirement savings.

Seek Professional Advice if Needed: If you have questions about your pension or need personalized advice, consider speaking with your financial advisor. They can provide guidance on your specific financial situation and help you make informed decisions about your pension planning.