The sooner you get started, the sooner you’ll start receiving tax relief from the government – and any contributions your employer adds. Plus, your pension pot will have longer to potentially grow in value.
Tax benefits are subject to change, interpretation and depend on the individuals circumstance.
It’s also true that if you leave it until later, you’ll probably have to pay in more to afford the retirement you want.
Don’t worry too much if you’ve left it till later to start paying into a pension plan. No matter when you start, you could still benefit when you retire. Plus there are things you can do to give your pension pot a boost.
The value of the pension pot can fall as well as rise and could be less than invested.
It depends on your situation. At the moment the full new State Pension is £159.55 a week. The amount you get may well be different and depends on your National Insurance record.
Please take the time to read the essential guide to your scheme, which includes the key features and terms and conditions.
Your company pension scheme
Your company stakeholder pension scheme
Millions of us are being automatically enrolled into pension plans. Are you?
Use our calculator to see how much you might get when you retire.
Do you know how much you’re spending each month compared to your income? This planner can help you find out.