Don’t lose half a million pounds
New research from Barnett Waddingham reveals the true cost of neglecting your pension.
- Workers who don't save into a pension scheme until they are 40 could turn down nearly £100,000 in employer contributions and tax relief.
- Turning down these contributions could halve pension income at age 70.
- Your pension fund value could be more than £665,000 lower at age 70.
If you have not yet started to pay into a pension, why not do it today? Firstly, find out whether your employer has a scheme that you could join. New laws have been introduced so that by 2018, all employers must have a pension scheme.
This affects the biggest employers first, so it may be that your employer does not need to have a scheme yet.
Find out more in our automatic enrolment section.
If your employer does not have its own scheme, you could set one up yourself. Our saving into a pension section explains how to choose a pension scheme.
Try to get started as soon as possible, and to pay in as much as you can each month. You'll be giving yourself the best possible chance for a happy retirement.
If you have any questions about saving into a pension, please contact us. We can't give you advice (only registered financial advisers can do this) but we can talk through your options with you and explain anything that you don't understand.
If you would like to talk to us, you can ring us on 0845 601 2923.
Or you can send us a message.