Ideally, we’d all begin planning for our retirement the day we start work. However, for many reasons, retirement planning tends to get put on the back burner until much later in our working lives.

If you find pensions over-complicated and surrounded with impenetrable jargon, then you certainly aren’t alone. We can explain how pensions work, and help you find the right type of plan for your circumstances. Here are some simple but compelling reasons why you should think about pension planning now:

Tax relief. If you make contributions to a pension, or if your employer deducts your payments from your salary, you automatically get 20 per cent tax relief as an additional deposit into your pension pot. If you are a higher-rate taxpayer, you can claim and extra 20 per cent, while those paying additional-rate tax can claim back 25 per cent.

Compound interest. The sooner you start contributing to your pension the longer your money has to grow, through what Einstein referred to as the the “eighth wonder of the world”. Put simply, compound interest means having interest or dividends from the investments in your pension fund added back to your original holding, providing a greater base from which your money can grow. In today’s climate of low interest rates, compound interest can play an important part in investment growth.

The state pension is just a safety net. The flat-rate state pension amounts to around £8,000 a year; not enough to provide more than the basics. Plus, by 2028, the age at which you can claim it will have risen to 67.

A workplace pension is equivalent to getting a pay rise. If you save into a workplace pension, your employer should match some or all of your contributions, helping your pension fund grow over the years.

You get a quarter back, tax free. When you retire, you can take 25 per cent of your savings as a lump sum.

So, if you’re self-employed, an employee, work part-time, run your own business or have accumulated pension pots with past employers, we can review your situation and help you map out a plan for your retirement. Retirement should be an enjoyable and fulfilling stage of life, not a time spent worrying about money, and we can help you make that dream a reality.

The Financial Conduct Authority does not regulate Tax Advice.