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03/06/2011 12:03:17

Start pension savings 'from a young age'

One expert has suggested that people in their twenties and thirties should seriously consider starting their pension savings.

Savvywoman.co.uk editor Sarah Pennells claimed that if younger people start making deposits into their retirement fund they will find they need to pay in less than if they started saving for their twilight years at a later stage.

In addition, she said it was important to take advantage of employee-run pension schemes, especially if it means the company also contributes to the pot on the worker's behalf.

"If your employer makes payments into your pension scheme for you, it's like turning down a pay rise if you don't sign up," Ms Pennells remarked.

Her comments follow a report from HSBC released last month which revealed one in five people of working age do not know what their main source of income will be when they retire - a quandary a retirement advice professional could help resolve.

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