NatWest urges customers to 'review' their next payslip

James Rodger
·2-min read
NatWest urges customers to 'review' their next payslip
-Credit: (Image: Reach Publishing Services Limited)


NatWest has urged customers to "review" their pension contributions and payslip. The high street bank has issued the warning to bank account holders as it urged them to get retirement ready and boost their pensions amid the Cost of Living crisis.

NatWest said: "It’s a good idea to review your pension contributions at least once a year. However, you should also consider reviewing them whenever there’s a significant change in your life circumstances, such as changing jobs, getting married, having children, paying off a major debt, getting a pay rise.

"Regular reviews could help make sure your contributions stay aligned with your retirement goals and current financial situation." NatWest has urged pension savers to consider investing which "could be another way to grow your money for retirement.". Other tips include setting goals, paying down debts, building healthy habits abd working out your numbers.

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Laura Newman, from NatWest, said: "Receiving a sudden windfall means it can be tempting to splurge it all or lock it up in investments to avoid temptation. But before taking either of these approaches, it’s important to have an emergency savings buffer in place for unexpected expenses, such as needing a new boiler or a car repair. The recommendation is having a pot that could cover between three to six months’ worth of essential expenses.

"There are two main ways to invest efficiently – pensions and ISAs. With a pension, make sure you are maximising your contributions and taking advantage of your employer’s matched contributions. With an ISA, you can invest up to £20,000 tax-free. To mitigate risk, it’s recommended that investments are left for at least five years – after all, it’s time in the market, not timing the market.

"The longer you can leave your investments, the longer you have to ride out any fluctuations in the stock market."

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