Simon Lambert

That'll get you to 13%.

And that will cost you, if you're on 50 grand a year, it will cost you £2,000 a year, which is £167 a month.

And you might think, I don't have £167 a month, but this might need to be £167 that you need to find.

You know, it's just over 40 quid a week, or you might need to just find as much of that as possible.

Even if you can't find the full amount, find as much of that as possible.

But also watch out for something that Helen mentioned.

Are you in the best pension that your employer offers?

If you're auto-enrolled, you get auto-enrolled into the auto-enrollment one, but they might offer a better option.

You could be leaving money on the table.

And also watch out for this thing in auto-enrollment where the money that goes in is on your earnings between £6,240 and £50,270 a year before tax.

So if you earn more than that,

check are you paying as much into your pension as you think or are you only paying in a percentage of your salary up to £50,000 and above that you're not paying in that percentage at all.

And actually, this is a very, very difficult topic because arguably, probably these lifestyle funds shouldn't exist anymore and you shouldn't be lifestyling people anymore because this is a system that was built on the back of working your way up to a certain point when you retired and then you probably bought an annuity with that pot and turned it into retirement income.

So as you said, what you didn't want was for your pot to suddenly fall in value due to market problems, you know, stock market suddenly tumbling just before you retired.

So it de-risked you into safer assets.

Except cash and bonds are also controversially not necessarily that safe.

Cash regularly doesn't beat inflation, so you've got an inflation risk there.

Bonds, theoretically a safe investment because the return from them is more certain.

But the bond market has been extremely volatile since the financial crisis.

We've seen bond yields on the floor when interest rates were cut.