Tony Gill is 35, and in the last two years alone, has been able to amass a pension pot worth over £60,000.
Tony is an economics and business studies teacher at an independent school, and for years, he was enrolled in a generous defined benefit (DB) pension by his employer, which provides staff with a guaranteed income for life.
But after a shake-up to the scheme in 2019 and 2024, many private schools – including Tony’s – switched to providing a defined contribution (DC) scheme where employees save into their own pension pot that they then need to make last throughout retirement.
Shorts
Tony, who lives in west London, says this was a “blessing” for him. Rather than being passive about his savings, the change meant he started digging into pensions and researching them.
