At 25, I know that saving for your retirement seems like something too far in the future to worry about.
Things like saving for a house deposit, going on holiday or buying a car tend to take priority, and retirement can feel like a distant dream – until it’s too late.
This is why auto-enrolment – where people are enrolled in workplace pensions by default – has been one of the best financial policies over the last few decades.
It has meant that even if saving for retirement isn’t at the forefront of your mind, your workplace contributions can continue to tick along in the background.
You automatically pay 5 per cent of your earnings into a pension under the scheme, with your employer obliged to offer 3 per cent.
