Saving for your pension can be easier said than done. Often many are concerned with budgeting, bills and the cost of the living crisis seeing putting money into your pension easily forgotten about.

However, Money Saving Expert founder Martin Lewis has urged everyone to follow his simple 'golden rule' to make saving for your pension easy.

Lewis shared the advice on the ITV show This Morning talking to hosts Siân Welby and Dermot O'Leary.

One viewer called Tanya, rang into the ITV show to ask Lewis "Am I paying enough into my pension?", prompting the Money Saving Expert to share his 'golden rule'.

Martin Lewis shares his golden rule to make sure you're putting enough into your pension

Lewis shared candidly that "nobody ever puts enough in their pension" but urged people to listen to his "scariest pants rule of thumb."

Explaining the rule, Lewis shares that you take your age when you start putting money into your pension. 

For example, taking host Welby's age of 37, Lewis halves it to 18.5, adding that the rule means you would need to put in 18.5% of your earnings, including anything your company has put in, into your pension if you were to start your pension at 37.

That means if you are 40 years old, you should put 20% of your annual income into your pension to make sure you have enough.

However, Lewis adds that "nobody does that", telling listeners not to worry and that the earlier you start putting away, the better.


Lewis also shared how you could easily track down past pensions from previous employers.

Explaining how there is a pension tracer on Gov.UK that tells you who the pension from your previous employer should be with and who to contact.

He added that he has discussed old pensions previously and heard how some people who got in touch have found over £100,000 in pensions.

Sharing: "If you've worked in multiple places and you're not sure whether you had a pension or not, it's absolutely worth doing that, I mean you could be sitting on a pension gold mine without realizing it."