Financial guru Martin Lewis has warned. explains more about how we use your data, and your rights. Mr Lewis hosted his The Martin Lewis Money Show on Thursday, February 18, with viewers tuning in for a special on all things pensions. When can I apply for the fourth self-employed grant? Martin Lewis has warned pension savers they could lose £1,000s, or even £10,000s, from their pension by falling foul of a trap that sees withdrawals taxed. The most obvious way to boost your pension provision is to save more if you can. Anyone saving into a workplace or private pension is at risk of missing out on as much as £10,000 unless they check their dates now. that a million pensioners could be missing out on £3,000 a year in the form of pension credits. Watch Martin's video explainer, courtesy of ITV's The Martin Lewis Money Show. Increase your savings. It’s as simple as that,” Martin said. We spoke to the Money and Pensions Service about how you can make sure you don't miss out. Aviva worked out that an average earner in their company’s automatic enrolment pension could miss more than £4,000 in their pension pot by using a default retirement age of 65, but then actually retire at 68 - the current state pension age for under-40s. The state pension age should rise to 75 from 68, a report recently suggested – raising fears some workers will NEVER retire. For further details of our complaints policy and to make a complaint please click this link: thesun.co.uk/editorial-complaints/, Comments are subject to our community guidelines, which can be viewed, Martin warns workplace pension savers that they need to check their scheme's retirement age, Martin told Good Morning Britain that savers could miss out on thousands, Martin Lewis says millions of people could be affected, Aviva reckons the impact could cost you thousands, retirees are turning their pension pots into cash at a record pace, state pension age should rise to 75 from 68, retirees will need to save an extra £84,000, Independent Press Standards Organisation (IPSO). "If you’re unsure where to start with your pension we’re here to help.". Something went wrong, please try again later. 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If you have spare income, then putting it into a pension is one of the most tax-efficient ways of investing it. By contrast, if they put their age at 60 - the old state pension age for women - they would miss out on almost £9,900 if they worked on to the current one. Email us at money@the-sun.co.uk, How I saved £4,000 by cutting my bills and using spreadsheets to track prices, Danone yogurts sold at Tesco and Asda recalled over fears they contain metal.

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