Pensions Awareness Week 2023

Saving early for retirement

Pensions Awareness Week 2023

Pensions Awareness Week 2023

I joined Thorntons as an apprentice in 2016, as a young 19-year-old, starting my first full time role.  At this point, retirement seemed a million miles away – it still is!  At this age, priorities were different, and the thought of giving up part of my salary to save for an event to occur in 40+ years was not very high on my priority list.  During my time working within financial services with Thorntons Wealth and gaining a better understanding of how pensions work and the benefits of saving early, it was a no brainer to consider contributing towards my own retirement fund. 

My first step towards retirement was made at the age of 21, no longer an apprentice and having a small surplus of income each month.  I started my long journey of saving towards retirement through the use of my workplace pension scheme, which I had to opt in for, as I did not meet automatic enrolment criteria.   

We are automatically enrolled within our workplace pension if we carry out our work in the UK, are ‘classed as a worker’ by our employer (Employment status: Worker – GOV.UK (, aged between 22 and state pension age, and earn at least £10,000 per annum. 

The current state pension age is 66, and this gradually increases, with this due to rise again to 67 by 2028.  I am currently 26 years old, and my forecasted state pension age is 68, although my goal is to retire before then, if financially possible.  One advantage of me having a personal pension is that I will not have to wait until my state pension age to access my pension fund.  Under current regulations, you can access your pension at age 55, even if you are still working, although this will increase to age 57 in 2029.  This could potentially allow me to reduce working hours from this age and utilise my pension fund to bridge the gap in my income if it is needed.  My aim is to reduce my working hours in later years and take up golf so I can catch up with my friends who have the time to play now.  

The count down to retirement is on its way!

For more information MoneyHelper provides pensions and retirement guidance and support for savers if you need help. MoneyHelper is a free and impartial service backed by the government.


By Dylan

Age 26 ½ (41 ½ years to state pension age!)



This information has been prepared using all reasonable care. It is not guaranteed as to its accuracy, and it is published solely for information purposes. Our opinions are subject to change without notice and we are not under any obligation to update or keep this information current. It is not to be construed as a solicitation or offer to buy or sell securities and does not in any way constitute investment advice. The value of investments can fall as well as rise and you may not get back the amount you have invested.

Thorntons Wealth is a trading name of Thorntons Investment Management Ltd (SC438886) and Thorntons Wealth Management Ltd (SC241755).  Both companies are registered in Scotland and the registered address is Whitehall House, 35 Yeaman Shore, Dundee DD1 4BU.  The companies are authorised and regulated by the Financial Conduct Authority.

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