1. It’s not worth having a workplace pension

Not true! Most people receive more back than they contributed. They also receive contributions from their employers and in most cases tax relief.

  1. My property is my pension

Not everyone wants to sell their home when they retire to live somewhere smaller. Bills still need to be paid.

  1. I’m too old to start a pension

If it’s a workplace pension, you’ll miss out on “free money” in the form of a contribution from your employer. Secondly, saving into a pension is probably the most tax efficient way to save

  1. I’m too young to start a pension

Starting early makes a huge difference thanks to the magic of compound interest.

  1. I can’t afford it

With auto enrolment, if you opt out you’ll be re-enrolled again every three years when hopefully your financial situation will have improved.

  1. My pension will be lost if I die before retirement

What happens to your pension when you die depends on the type of scheme you have. Many schemes allow the full value to be transferred to a love one / dependent.

  1. The State Pension will be enough for my retirement

The full amount of new State Pension is currently £168.60 a week – that’s just over £8,750 a year. For most people, this won’t be enough.