Martin Lewis says easy pension change could 'double or triple' your money

Workers might be able to 'double or triple' their pensions, says Martin Lewis.

During a special episode of his ITV show on Thursday (17 February), the Money Saving Expert urged employees to check their workplace pensions immediately.

He gave out some helpful advice which could help millions of people going forward.

Martin explained how private workplace pension schemes work and that everyone should check and change their policy with work right away for easy gains.

Read more:ITV Emmerdale viewers 'work out' Meena twist with 'killer staying for soap's 50th anniversary'

For every chunk of money put into the pot, you pay less tax on what's saved into the pension and your employer will match the amount, he said.

So if you're a basic rate taxpayer losing 20% of their income to tax, and you put £100 in, you get another £60 from your employer, Lancs Live reports.

Normally you would only keep £80 out of every £100 you earn because £20 would be taxed. For a higher rate taxpayer, you only keep £60 out of every £100 over the higher rate threshold.

But because the money is matched by the employer AND it isn't subject to income tax, you stand to almost double or triple your money by making sure you're enrolled in the workplace scheme.

Martin explained: "In effect, you lose £80 in your pay packet but you get double that - £160 - going into your pension.

"For a higher rate taxpayer it costs you £60 and you get £160, nearly treble going into your pension.

"This is unbeatable - there's nowt out there like it which is why my big message is, opt out and you're effectively giving up a payrise and you're giving up the tax benefits too.

"Of course you're going to take home less but what you get in the pension return is so good, so don't opt