The show featured some top tips from the consumer expert as well as some ideas sent in by listeners. One fan of the show shared a piece of advice urging people to start paying into their pension early on in life, from the age of 18.

Mr Lewis said he “totally agrees” with this principle of starting to build your pension pot from a young age. He also explained some key rules to note around how pensions work.

Mr Lewis said: “We have auto enrolment in this country that means if you are an employee and you’re earning over £10,000, you will automatically be contributing to a pension and your employer will have to match to an extent those contributions. You put five percent in, they put three percent in.”

The auto enrolment system means that if you are aged between 22 and the state pension age, which is currently 66, and you earn at least £10,000 a year, your employer has to enrol you into a workplace pension scheme.

A minimum of eight percent of your earnings have to be paid into the scheme. This can be made up of five percent from the employee and a matched three percent from the employer.

These amounts can vary as long as the minimum eight percent total is reached. You can also choose to pay in more above the minimum amount.

As the question of paying into your pension at 18 had come up, Mr Lewis explained another element of the auto enrolment rules. He explained: “If you are 18 and you are earning over roughly £6,500, you are not opted into a pension but if you do opt in, your employer still has to do the matching contributions.”

The rule he was referring to here is that if you earn over £6,240 a year, you can decide to start paying into a workplace pension, meaning your employer will also have to pay in. Any worker aged 16 to 74 can do this.

Mr Lewis also said he thinks the rules should be extended. He said: “I actually think we should pre-extend the rules, because auto enrolment starts at 22. I think the earlier you start putting money into your pension, the longer it has to compound.”

There have been calls to extend auto enrolment to include workers aged 18 and over, and to include workers with any amount of earnings. The Labour Government said in a 2024 response to a question about the issue: “We will consider if and when to make changes to auto enrolment, balancing the need for improved pension outcomes with the effects on businesses.”

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