Session 7: Pensions and Long-Term Saving

Future you wants a plan.

Session 7 introduces students to the concept of pensions and long-term saving, often overlooked by younger learners. It begins by explaining the three main types of pensions – state, workplace, and private – and how contributions are made. Students explore the power of compound interest through a comparison: starting pension contributions at age 21 vs age 31. Using a pension calculator, they project retirement income based on different contribution levels and career paths. The session also touches on auto-enrolment, employer matching, and the importance of staying opted in. A myth-busting segment challenges beliefs like “Pensions don’t matter until you’re old” or “I’ll sort it out later.” The reflection prompt – “Why should pensions matter to me now?” – encourages students to connect future planning with present action. By the end, students will understand how pensions work, why early saving matters, and how small decisions now can have a big impact later. This session blends maths, long-term thinking, and personal empowerment.