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Don&#39t let pension fund go up in smoke, says Lincoln

Lincoln Financial is encouraging people to give up smoking in favour of contributing to a pension.

It says giving up smoking is not only good for your health but the money saved can be good for financial well-being.

Lincoln says a pack of cigarettes costs around £4.40 and could go up in the next Budget.

It claims a female aged 20 giving up a 20-a-day habit can retire aged 65 on a pension fund of more than £1m if the money is diverted into a personal pension. This can give an income in retirement of more than £63,000 and a tax-free lump sum of £255,000.

Head of communications Ian Crowder says: “While retirement may seem a long way off, what better way to begin providing for your future than by investing what you would normally spend on a pack of cigarettes in a pension? Not only will you improve your health, hopefully meaning that you will live longer, but, by the time you hit 60 or 65, you will have a reasonable nest egg with which to enjoy a long and happy retirement.”

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