If you're 21 and start putting £200 into a pension each month, your pot may be worth £451,261 if you retire at 68.

However, if you opt out of your pension scheme and delay starting until aged 26, the fund would only be worth around £343,184. If you waited till 40 it would only be £149, 575.

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This example is based on the assumption of 5% investment growth each year but does not include any fees or charges and assumes you don't take out a 25% tax-free lump sum at 55.

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The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.

Approved by The Openwork Partnership on 11/30/2023.