Am I too young to save for a pension?

It’s never too soon to start saving for your future. The sooner you start, the better chance you have of saving more, and your savings growing sufficiently, to provide you with a higher income in retirement than just the State Pension.

You will automatically be enrolled into a pension scheme from the age of 22 if your employer is subject to auto enrolment rules. Prior to this, you can normally choose to opt in to a scheme from the age of 16. Please note, your employer may not be required to contribute on your behalf if your earnings are lower than the current lower earnings threshold (£6,240.00 annually, £520 monthly or £120 weekly for the 2023-24 tax year).