Martin Lewis was back on This Morning today helping callers with financial queries.
The Money Saving Expert, was on the show via video link from his home in North London. Appearing alongside Holly Willoughby and Phillip Schofield, he spoke about several monetary issues as Brits face rising energy bills, gas prices, food grocery shop bills, rises in council tax, National Insurance contribution hikes and more.
One caller, a pensioner named Emma, had a question about pension s. The caller asked Martin about joining a workplace pension at the age of 66 through auto enrolment.
READ MORE: Martin Lewis issues urgent advice to homeowners to save thousands on their mortgage
Martin explained that opting out of a pension is similar to opting out of a pay rise. He said: "The minimum contribution is 8% of your salary, in which case the firm must put a minimum 3% in. If you opt out, you are essentially giving away a pay rise - they are giving you 3% extra."
He added: "You lose a bit of take home pay, because you are contributing 5%, but that is extra money you are getting in your pay packet. As a general rule, you really don't want to opt out of your workplace pension as you are giving away a pay rise."
Receive newsletters with the biggest and breaking TV and showbiz news by signing up here
