 Home Pensions Starting a Pension Can't I wait until I'm older?
Can't I wait until I'm older?
Good company pension schemes are now being closed to new members or having their benefits reduced.
In recent years many good Defined Benefit schemes have been closed to new staff. Anyone working in these companies who didn't join the scheme when they had the chance no longer has the choice.
If work for an employer who offers a final salary pension scheme we advise you to join as soon as you can because you may not be able to in future.
When you join a scheme contributions start to be paid which go towards building up your pension.
The longer you are in a pension scheme the higher the benefits will be.
So the longer you put off joining your employer's scheme the lower the benefits are likely to be.
Most company schemes also pay benefits for dependants, if you die or become too ill to work. If you put off joining you will lose these valuable benefits.
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