Question to Emma de ste Croix, director, Enrich Pensions: Is it ever too late to start a pension?

Answer: ‘Whether or not you should start a pension depends on a number of factors, including your current age, the age you wish to retire, (or can afford to retire), if your employer provides you with a pension and whether you have any other assets such as property that could provide you with an income in retirement.

‘An independent financial adviser will be able to assess your current situation and financial goals, and recommend the best retirement planning solution for your own circumstances.

‘Should you choose to invest in the current financial climate this can be to your advantage, as your pension contributions are able to buy investments relatively cheaply, meaning that in the long term, the level of investments held within your pension fund will be greater than if you had invested when markets were higher.

‘If you can afford to save, you should consider saving more through a pension as you will be investing in a relatively cheap, tax-incentivised investment. With the introduction of “20 means 20” and GST, pension contributions are one of the few remaining financial products which attract tax relief in Jersey. You are now allowed to contribute up to £50,000 (or 100 per cent of your salary if lower) each tax year.’