The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.
In April this year, employee contributions to a workplace pension increased from 1% to 3% minimum. In April 2019 this increases again to 5% minimum for employees. There have been many people concerned about whether they can afford to pay the increased amounts and how much of a difference it will make. If you do not want to pay the increased amount you have two choices.
You can opt out altogether and stop making contributions, or you can opt down. Opting down means you can contribute a lower minimum of just 1% of your qualifying earnings. However, the downside of this option is that your employer will not be obliged to make any contribution, so you would be turning away free money
Remaining in you are not only getting ‘free money’ from your employers’ contributions, which also increase next year from 2% to 3%, but you also get tax relief. This amount of money over the years could make a huge difference to the amount of pension you will receive at retirement.