Are you in a pension scheme? If not then you are really turning down free money. In the UK on the basic rate of tax you could be getting an extra 22% in tax relief for all the money you put in to a pension scheme. This is on top of any contributions your employer may make. Many companies will match what you put in a scheme up to 5% of your salary. This means that if you were putting in £100 a month your employer would put in another £100 and you would get 22% tax relief. So for the £100 you put in there would be £244 going in to your pension.

It is estimated that about 20% of people aren’t in a pension scheme. It is claimed that the main reason people aren’t putting in to a pension is that they want to pay off existing debt first. This is a reasonable point but if at all possible you should start a pension. Research has shown that at current levels 22 million UK adults risk poverty in retirement.