Waiting a couple more years won’t matter... will it?

Sadly it will. Each year will count because the Government gives tax relief on everything you put into your pension - which in itself is something to take advantage of. Put simply, every £100 you add to your pension will only cost you £80 in terms of cash, potentially less if you are a higher or additional rate taxpayer. The tax relief on pensions depends on individual circumstances and is subject to change.

So how much more could you have in retirement, by starting a pension, say five or ten years earlier? In the grand scheme of things, five or ten years doesn’t seem like much – but in terms of pension provision, that relatively short time can make a huge difference.

Yes, but I'll have to commit my hard-earned pennies won't I?

Maybe you're unsure about committing your hard-earned pennies to a future that seems pretty distant. There will always be other demands on your cash, whatever stage of life you're at. The great benefit about starting your pension sooner rather than later is that you can put away as little as, say £20 a month - an amount you'll probably hardly notice - and review your payments as you can afford.

Will my property be my pension?

Nowadays, many people are putting all their faith in property to provide for them in the future. This is an option, but shouldn’t be your only source of income. Property can be difficult to sell and the value is subject to fluctuation. So releasing equity from your property might not be as straightforward as you think. And you may not want to sell up and move from your home when the time comes.

You should remember that the value of a pension can go down as well as up and you may not get back what you invested.

When should I start planning for retirement?

Retirement might seem far away now, but think about it in terms of how many months are left until you reach it. If you’re in your late 30s, it could be less than 300. And if you’re around 30, you’ve probably still got less than 400 months of earning left. That’s not many chances to put something aside, so now really is the time to start planning.

What if I don't have any spare time to think about a pension?

If planning for a pension slips to the bottom of your agenda simply because there are too many other things demanding your time, don't worry. We can help by arranging everything for you. Simply contact your local branch and book a meeting with an NFU Mutual Financial Consultant. They'll take the time to find out about you, your expectations and your circumstances.

Alternatively, call one of our Customer Telephone Advisers on 0800 622 323* for more information.

NFU Mutual Financial Consultants and Customer Telephone Advisers advise on NFU Mutual products and services and in special circumstances, those of other providers.

How can NFU Mutual help?

Start planning your retirement with us now and we will help you plan to achieve the retirement you want. We can help by arranging everything for you.

Simply contact your local branch and arrange a meeting with an NFU Mutual Financial Consultant. Alternatively call 0800 622 323* to speak to a Customer Telephone Adviser. They'll take the time to find out about you, your expectations and your circumstances.

Once your plan’s in place, we’ll even give you an annual update. That way, if your needs change in the future, you can ask us to review your situation.

NFU Mutual Financial Consultants and Customer Telephone Advisers advise on NFU Mutual products and services and in special circumstances, those of other providers.

* For security and training purposes, telephone calls may be recorded and monitored.