The big problem with your pension contributions

Delaying starting a pension could cost you a fortune, says Bengt Saelensminde. Here, he gives three tips to help you get the most out of your pension plan.

Delaying starting a pension, even by a year, could cost you a fortune down the line. In fact, according to new research from Hargreaves Lansdown, skipping a trifling £600 contribution could make you £43,000 worse off in retirement!

And seeing as the government has said they're delaying the automatic enrolment of employees without a pension onto the National Employment Savings Trust (NEST) scheme, this is what's facing many workers out there.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Bengt graduated from Reading University in 1994 and followed up with a master's degree in business economics.

 

He started stock market investing at the age of 13, and this eventually led to a job in the City of London in 1995. He started on a bond desk at Cantor Fitzgerald and ended up running a desk at stockbroker's Cazenove.

 

Bengt left the City in 2000 to start up his own import and beauty products business which he still runs today.