For people retiring within the next 15 years who have not saved enough for their retirement – or even those who just want to protect and grow the pension pot they have – now is the time to confront the numbers.
More than half of UK adults (56%) say they feel hopeful or excited about retirement, according to new research from PensionBee from a survey of 1,000 UK adults in August 2026.
Yet this emotional optimism is rarely matched by financial certainty. Just 16% have both worked out how much they will need and feel confident they’re on track to reach their retirement goals. More than a third (38%) have no idea how much their desired retirement will cost.
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Fifteen years might not feel like a long time when it comes to retirement planning, but it is certainly not too late to make a meaningful difference, Lily Megson-Harvey, policy director at My Pension Expert, said.
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“The worst thing people can do is bury their heads in the sand because they are worried they have fallen behind.”
15 years from retirement? The first steps
To retire by 2041 with your finances in the best shape, the first step is to get a clear picture of where you stand. That means finding out what you have saved across all your pensions and ISAs, what income you might realistically need in retirement, and whether there is a gap between the two.
“From there, you can look at what is within your control, whether that means increasing contributions where affordable, making the most of employer pension contributions or reviewing when you plan to retire,” said Megson-Harvey.
1. Prioritise pension saving
Pension saving should still be the primary vehicle for retirement saving at this stage. This is because of the incredibly valuable tax relief at your marginal rate – where the government essentially tops up your contributions by 20%, 40% or 45%.
Compounded over 15 years, this additional boost can lead to substantial extra savings – with the growth inside a pension remaining free of capital gains tax and dividend tax.
2. Salary sacrifice – use it before you lose it
Those who benefit from pension salary sacrifice arrangements get the most benefit of all, with extra savings on National Insurance and often employer top-ups, Andrew King, pensions specialist at wealth management firm Evelyn Partners, said.
Salary sacrifice is set to be capped at quite a low level of £2,000 per year from April 2029, so those with access to such schemes might consider “frontloading” their workplace contributions in the next few years, potentially also directing any bonuses into the pension scheme, King pointed out.
“Not only will they get the tax benefits of salary sacrifice but those savings can still benefit from compounding effects over a period of 15 years, and more if the pot remains invested into retirement,” he added.
3. Inheritances can work harder in a pension
Increasingly, King is seeing people receive inheritances well into their fifties and sixties as parents live longer. If they’re funnelled into a pension at this critical stage, these lump sums can go a long way to securing a comfortable retirement.
“Anyone who comes into a lump sum can take advantage of the substantial annual allowance of £60,000 and even three years of carry forward to turbo-charge a pension pot,” said King.
You can’t pay more into a pension than you earn in the current tax year, though, so if that is limiting, a big lump sum could be drip-fed into a pot over a number of years.
Investment strategies to consider if you’re 15 years from retirement
Investment choices are a growing concern of pension holders in the private sector as the vast majority are now saving into defined contribution workplace schemes – where the saver bears all the investment risk.
“Many people automatically think they should reduce investment risk as retirement approaches. While that can feel more comfortable, 15 years is still a long enough period for a significant allocation to shares and other growth assets,” said Lisa Caplan, director of Charles Stanley direct advice and guidance.
Growth remains important because inflation steadily reduces spending power over time. A pound today will not buy the same amount in 15 years' time; the Bank of England inflation calculator shows £1 of goods and services in 2011 costs £1.52 today as inflation has compounded at an average of 2.8% since then.
With one eye on growing your pot and the other on protecting it, an investment approach that can work well is the ‘three bucket’ strategy, said Caplan.
- The first bucket contains long-term investments that are intended to remain invested for many years and focus primarily on growth.
- The second bucket holds investments that aim to provide a mix of income and modest growth. This can act as a bridge between your long-term investments and your spending needs.
- The third bucket holds cash and cash-like investments that can be used to fund withdrawals to cover your regular spending.
“The biggest mistake I see is becoming too cautious too early,” Caplan said. “With 15 years to go, investors still have time to recover from market setbacks and benefit from long-term growth.”
Another common pitfall is reacting emotionally to market falls. “Investors often move into cash after markets decline but then struggle to decide when to invest again. As a result, they miss part of the recovery and risk seeing their money lose value in real terms because of inflation,” Caplan said.
15 years from retirement – fund and investment trust ideas
With a 15 year time horizon, equities and bonds will still form the basis of most savers’ portfolios. But those in workplace pensions should check they are in an appropriate fund.
For instance, “lifestyling funds” will gradually switch you almost entirely into lower-risk bonds from age 50 or 55 – which can be far too soon, and cause investors to miss out on substantial gains.
Rob Morgan, chief investment analyst at Charles Stanley Direct, said for those happy to maintain an adventurous approach, a good-sized proportion of global equity exposure “makes sense”.
His top picks are:
1. JOHCM Global Opportunities fund
This offers a balanced share portfolio focused on durable businesses with strong balance sheets and consistent cash generation, he said, “which makes it worth considering as a core holding”, said Morgan.
“It can work on its own for those leaning towards being a bit more conservative, or alongside a passive strategy such as a global tracker fund or ETF such as Fidelity Index World or iShares Core MSCI World UCITS ETF,” he added.
2. RIT Capital Partners investment trust
With this investment horizon, Morgan also said it’s worth considering a multi asset approach that spreads risk across various asset classes. “RIT Capital Partners investment trust offers a ‘one stop shop’ across a wide spectrum of assets including selected shares and specialist externally managed funds,” he said.
Troy Trojan fund
For those wanting to keep things more conservative, Troy Trojan fund takes a flexible approach to preserving the real value of wealth against the ravages of inflation, said Morgan.
“This involves blending solid and reliable global companies with diversifying assets such as inflation-linked bonds and gold. The strategy is also available in Personal Assets Investment Trust for those that would prefer to buy shares rather than fund units.”
Don’t forget the power of passive
For those who want a more hands off approach, passive index investing can offer a neat solution – and one that has been endorsed by one of the most famous names in the finance world.
In 2013 Warren Buffett instructed the trustee managing his wife’s inheritance to put 90% of the cash into a low-cost S&P 500 index fund and just 10% into short-term government bonds.
The allocation decision underscores a broader investing lesson that diversification, low fees and long-term market exposure can matter more for building and preserving wealth than complicated portfolios or attempts to repeatedly beat the market.
