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Stub out cigarettes and double your pension, says L&G

Legal & General is encouraging smokers to bin their cigarettes and put the money towards a pension pot.

The firm believes smokers could more than double their pension pot by quitting.

It says a male basic-rate taxpayer paying £100 a month gross for 35 years would have a projected pension at retirement of £17,900.

If this man smoked 20 cigarettes a day at around£5 a packet, he could quit and increase his pension contribution by £120 a month, which could boost a pension to £46,800.

The message has been timed to coincide with national No Smoking Day this week which is aimed at the UK&#39s estimated 13 million smokers.

L&G director pensions marketing Andy Agar says: “It is surprising just how much money goes up in smoke. Each year, over one million try to give up on No Smoking Day. Paying £120 a month into a pension can make a big difference to living a wealthier and possibly healthier retirement. For those new non-smokers who have not started a pension, then this is a real incentive to start their value for money pension planning.”

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