I was told that you're never to young to have a pension. I didn't start really putting into mine till about 3 years ago which was a mistake. There probably won't be a national pension when people our age retire so without a private pension your gonna be pretty much screwed.

What Milky said - the sooner you start the better it is

What should I look for in a private pension? Does anyone know about specific schemes?

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by Demona
What should I look for in a private pension? Does anyone know about specific schemes?

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Pensions are very individualistic... it's all about what "you" need. Things like how much you can afford to save, what your current residential status is, your current relationship status and loads of other factors come into it.

I'd suggest talking to a financial advisor at your bank rather than taking advice from the nearly insane members of an internet message board

In contrast to Milky, I've not put a penny into a pension yet. I don't intend to, I've been advised that a healthy investment plan where you retain your capital is a far better bet in the current and predicted future economic climate than a pension scheme.

You have to weigh up the pros and cons of how much money you pay out vs how much money you'll ever see.

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by Milky
(quotes)
I'd suggest talking to a financial advisor at your bank rather than taking advice from the nearly insane members of an internet message board

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True but I'd also echo what's been said so far. I didn't start paying into a personal pension until a few years ago (and 21 was a lifetime ago for me!). So the sooner the better is right - and means that you can put away a slightly more manageable amount.

Certain pension plans will allow you to break-down your monthly contribution into units and you can then decided what types of funds/investments you want to commit those units to. A broad spread isn't a bad idea. If you go ultra-safe, the fund won't earn much and too daring may leave you with nothing at all...

An independent adviser is the best way forward.