Andy Smith is 35 and from North East Derbyshire, where he works for a large manufacturing firm. He and his partner have recently had a baby. He explains why he’s been paying into a pension since he was 18, even when he was on a very low wage.
“After finishing my A-Levels when I was 18 I was taken on as an apprentice by a manufacturing company. While I was with the company, as well as providing a pension they paid to put me through a degree, which was great. I worked for the firm for a number of years and have since worked for a several other companies, all in manufacturing management roles.
I have always had a pension. Every time I started a new job, I made sure that I signed up to the company pension scheme from day one.
Money for my pension has always been deducted from my wages so I have never viewed it as part of my disposable income.
I know that when I retire the state pension will only cover the basics, and with having a family, saving for the future is important. For me, having money set aside will give me more choice over when I do reach later life. My partner is keen for us to have lots of holidays in our later years!
I think everyone should pay into a company pension scheme and if they can afford it it’s best to start on day one. A key benefit of a workplace pension is that your employer is making contributions too.
I was on a very low wage when I started as an apprentice but I’m glad that I started putting money in to a pension from such an early age. Even with small monthly contributions you can watch your pension really building up over the years."
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