Martin Lewis has shared "need to know" tips when it comes to your pension that many people may not be aware of.
As the cost of living crisis grips households across the UK, the money saving expert continues to provide vital financial advice. He previously reminded people that workplace or private pensions cannot be left to a person in your will.
In fact, you have to nominate a beneficiary separately. And there are more vital tips in his latest newsletter when it comes to your pension.
READ MORE: Laura Hamilton declares love for fellow A Place in the Sun presenter
In the latest moneysavingexpert.com newsletter, the advice states you should be contributing more to your pension if you can afford it. It reads: "The basic advice with pensions is to put in is as much as possible, as early as possible. There's a rule of thumb for what to contribute for a comfortable retirement.
"Take the age you start a pension and halve it. Then aim to put this % of your pre-tax salary into your pension each year until you retire.
"So someone starting aged 32 should contribute 16% of their salary for the rest of their working life. Don't worry, almost nobody reaches this amount, but the real takeaway is start as early as possible with whatever you can, as you've longer for the gains to compound."
The money saving expert team advises that there are strict limits on how much you can put in your pension and get tax relief. The tax relief you get depends on what you earn.
Other important advice included how pension affects your income, tax relief you can receive, how much you should pay into your pension pot and salary sacrifices.
For all the pension "need to know" tips, visit the newsletter here.
READ NEXT:
Martin Lewis warning to millions of people with private or company pensions
ITV Emmerdale star Dale Meeks dies aged 47 as devastated fans issue tributes
DWP warning for anyone on Universal Credit expecting £301 payment this week
I did a workout in H&M's new £40 activewear and I've got mixed opinions
