The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.
Start a pension sooner rather than later
The younger you are when you start paying into a pension the better. Even just a few pounds a week put away for your retirement will help you in the future as the interest paid on your savings will accumulate more interest, otherwise known as compound interest.
All employers will automatically enrol you into the work place pension and pay the minimum contributions. But some employers offer a maximum contribution which is dependent on your own contributions, so the more you put in the more they will contribute.
Review your pension
Be organised and review your situation regularly as personal circumstances can change. For example, cutting out the expensive lunch at work once a week could allow an extra £30 to be paid into your pension pot each month. Or if you receive a pay rise at work why not think about increasing the amount you contribute into your pension by the same percentage.
Plan for the future
Make use of a pension calculator like this one on the Money Advice Service website which will give you an idea of how much you will get based on what you are currently paying in. You are now departing from the regulatory site of Aspire 2011 LLP . Neither Aspire 2011 LLP nor Intrinsic are responsible for the accuracy of the information contained within the linked site.