Tim Pheby is 54 and a self-employed cycling consultant from York. Tim has put some money into a pension but wishes he’d saved a little more.
"I’m a cycling consultant, which means I work for councils looking at cycle routes and advising on how they can be improved.
I’ve got two pension pots from previous jobs, and though I’ve been self-employed for the past 10 years, I’ve been putting savings aside instead of paying into a private pension.
When I got my first job, I was automatically enrolled into the pension scheme. It seemed like a good idea to stay in as my employer was also making contributions.
Deductions for my pension were just a line on my wage slip and I didn’t think much about it. As I’m getting older I’m obviously thinking more about it!
Although I have a pension, I think it would have been nice to have put a bit more aside when I was younger and maybe topped up the pot. At the time I didn’t think it would be an issue.
Realistically I am going to be working beyond 60, but I’m very glad that I have some money to look forward to in my retirement.
When I do retire I plan to visit Buenos Aires where my mum was born. I also really enjoy singing and playing my guitar and would love to buy a camper van so that I can go on a busking tour of Europe!
I think that everyone should take up the opportunity to join a workplace pension if they can. The right time to start saving is as soon as you get a job and have steady income.
Being automatically put into the company scheme is a great idea. You don’t have to think too much about it, but your future is being safeguarded. You might not really notice it while its happening but you’re going to benefit later on in life.”
© Crown copyright 2012