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Better a late pension than never

If you have little or no pension by the time you are in your 50s it could still be worth contributing to one
Better a late pension than never
  • If you start a pension at age 50 or older you could still build up a useful amount
  • Pension contributions offer many tax benefits
  • Tax relief and employer contribution mean that pensions savings can grow faster than Isa savings

It is not uncommon for those over the age of 50 not to have a pension or have little in one. This can be for reasons including prioritising mortgage repayments and the costs of raising children, and because employers only started to auto-enrol employees into pension schemes from 2012.

But if you are in this position and have the finances to contribute to a pension in your 50s and 60s, it is still very worthwhile doing.

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