CITYDESK
DEBT-ENHAMS HOPE
WITH TRICIA PHILLIPS EVEN though 10million people are now auto-enrolled into workplace pensions, 12million workers in Britain still aren’t saving enough for a comfortable retirement, according to the Pensions Commission.
Auto-enrolment contributions aren’t enough to ensure an adequate savings pot and they’re not calculated on full earnings – kicking in at £6032. In spring, those contributions will rise to eight per cent (five per cent worker, three per cent boss) – but qualifying earnings levels also rise to £6136. So if you STRUGGLING Debenhams is set to announce progress in talks with its lenders as early as today. It is believed the update won’t include related plans to close stores as part of a Company Voluntary Arrangement, for now at least.
The start of the talks prompted a backlash from tycoon Mike Ashley, whose Sports Direct is Debenhams’ biggest shareholder.
That led to the chain’s boss Sergio Bucher being booted off the board and chairman Sir Ian Cheshire quitting. earn £24,500, you’ll have total annual pension contributions of £1469.76 from April, compared to £1960.64 if based on full earnings.
It makes the difference between a potential £76,299.86 pot and £101,783.
So don’t just stick to minimum contributions. Some firms will match what you put in up to a maximum percentage. Save the most you can afford to build a decent pension. BOOST Progress in clothes chain talks THE number of fixed-rate mortgages on the market has reached a record high. Industry expert Moneyfacts says the figure has increased from 5181 to 5214 in the past month. Darren Cook, from Moneyfacts, said: “Competition on fixed mortgage interest rates among providers is rife at higher loan to values.”