Automatic enrolment if you have debts

In most cases, staying in a workplace pension after being automatically enrolled makes sense. But if you have debts that aren’t comfortably under control, think about prioritising repaying those instead.

Think twice if your debts are a problem

It’s common for people to save and borrow at the same time – for example, making pension contributions at the same time as paying off a mortgage.

But if you find yourself relying on borrowing to make ends meet each month, it’s important that your first priority is to get on top of your debts.

Being automatically enrolled in your employer’s workplace pension is an easy way to save for your retirement, but if you’re struggling with your borrowing, it makes sense to think twice.

To help you work out how much it could cost to pay into the pension – and so how much of your debts you could be paying off instead – use our Workplace pension contribution calculator.

Be aware that you can always opt in to your employer’s workplace pension scheme later if you decide to pay off your debts first.

If you get into the habit of setting aside money each month to pay off debts, you could carry on putting that money into a pension when you’ve paid off your debts.

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Looking for us? Now, we’re MoneyHelper

MoneyHelper is the new, easy way to get clear, free,
impartial help for all your money and pension choices.
Whatever your circumstances or plans, move forward with MoneyHelper.

Continue to website
Looking for us? Now, we’re MoneyHelper

MoneyHelper is the new, easy way to get clear, free,
impartial help for all your money and pension choices.
Whatever your circumstances or plans, move forward with MoneyHelper.

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