As the cost of living in the UK continues to rise, many Brits are finding it harder to save for retirement. However, with life expectancies also increasing, experts warn that starting a pension plan as early as possible is more important than ever. A recent YouGov survey revealed that 38% of UK residents aren’t saving for retirement, with only 28% contributing up to 10% of their income.

To help navigate the complexities of retirement savings, Euronews reached out to financial experts for their top tips on building a solid pension plan.

Start Early and Save More

Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, stresses the importance of saving as much as possible, as early as possible. She suggests that the earlier you start contributing to your pension, the more your investments can grow over time. A simple but effective strategy is to increase contributions every time you receive a pay raise. “You’re not used to having that extra money, so it’s easier to allocate it to your pension,” Morrissey explains.

Negotiate with Your Employer

For those enrolled in workplace pension schemes, Morrissey advises negotiating higher contributions. By default, UK employers must contribute at least 3% of employees’ salaries into pension pots, with employees contributing 5%. Some employers offer more generous contributions, sometimes matching what employees put in. Another option is a salary sacrifice scheme, where employees can reduce their salary and have the equivalent amount paid directly into their pension, benefiting from tax reductions.

Stay Engaged and Monitor Your Investments

Claire Trott, divisional director of retirement & holistic planning at SJP, emphasizes the importance of regularly checking your pension progress. “At least once a year, assess how much you’ve saved and determine if it will be sufficient for retirement,” she advises. Additionally, it’s essential to review where your contributions are being invested. Workplace pension schemes often place contributions into default funds that may not always be the most beneficial for your individual needs.

Consider Alternative Savings Products

In addition to pensions, Lucie Spencer from Evelyn Partners suggests utilizing tax-free ISAs (Individual Savings Accounts) to complement pension savings. Although contributions to ISAs are made from after-tax income, the funds grow tax-free, making them an ideal option for retirement savings.

Be Cautious About Early Withdrawals

While it’s tempting to access pension funds early, experts recommend against this unless absolutely necessary. Early withdrawals reduce the time for investments to grow and may push individuals into higher tax bands if they continue to earn income. The state pension can typically be accessed at age 66, with private pensions available at age 55 (rising to 57 in 2028).

Consolidate Pension Pots

For those who switch jobs frequently, pension pots can become fragmented. Claire Trott advises consolidating multiple pension pots into one to simplify management and reduce administrative hassle. However, it’s important to consider that older pension schemes, particularly those before 2006, may offer better benefits than more recent ones.

Utilize “Carry Forward” Rules

The “carry forward” rule allows individuals to top up their pensions by using unused tax relief from the last three years. For example, high earners can make significant contributions to their pensions, sometimes up to £220,000, if they have unused allowances from previous years.

Don’t Overlook the State Pension

Finally, experts stress the importance of keeping track of your state pension entitlement. To receive the full state pension, individuals need 35 qualifying years of National Insurance contributions. Though state pensions don’t require as much management as workplace or private pensions, they provide a guaranteed income for life, making them a crucial part of retirement planning.

By following these expert tips, UK residents can ensure they are better prepared for retirement, no matter the challenges ahead.

Germany’s Commerzbank has reported its highest quarterly profit since 2011, beating market expectations and reinforcing its position as it fends off takeover efforts by Italy’s UniCredit.

For the first quarter of 2025, Commerzbank posted a 12% increase in net income, reaching €834 million, defying earlier forecasts of a decline. Revenues also climbed 12% year-on-year to €3.1 billion, while net commission income rose by 6% to €1 billion, bolstered by a robust performance in its securities business. However, net interest income declined slightly to €2.07 billion amid falling interest rates.

Chief Executive Bettina Orlopp hailed the performance as a sign of strength despite challenging economic conditions. “We achieved the highest quarterly profit since 2011, demonstrating that we can grow even in economically challenging times,” she said. “We are progressing with the implementation of our strategy ‘Momentum’. We plan to return more capital to our shareholders in the coming years.”

The bank recently concluded a €1 billion share buyback programme launched in November 2024 and plans to propose a dividend of €0.65 per share at its Annual General Meeting on May 15.

These positive results come at a critical juncture, as Commerzbank seeks to resist UniCredit’s takeover push. The Italian lender has increased its stake to 29.9%, just below the 30% threshold that would trigger a mandatory public offer. In response, Commerzbank has launched cost-cutting initiatives, including plans to reduce its workforce by 10% — a move currently under negotiation with employee representatives.

Union-led protests against a potential takeover are also scheduled to take place ahead of the AGM, highlighting growing internal resistance.

Despite the corporate unrest, the bank reaffirmed its 2025 targets, projecting a full-year net profit of approximately €2.4 billion after restructuring expenses. €40 million has already been set aside this quarter for early retirement schemes as part of the broader cost-reduction plan.

The lender also noted progress in its efforts to reduce reliance on interest income as rates fall, with return on tangible equity rising to 11.1% from 10.5% in the same quarter last year.

CFO Carsten Schmitt confirmed the bank is on course to meet its full-year equity return target of around 9.6%. “We are reducing our dependency on net interest income. We confirm our outlook for 2025,” he said.

As pressure mounts from both markets and potential acquirers, Commerzbank’s performance could prove pivotal in maintaining its independence.

The UK’s salary landscape continues to evolve, with new figures from the Office for National Statistics (ONS) revealing a significant divide between the highest and lowest paying professions. The annual data, based on April 2024 earnings, highlights growing income disparities and changing trends across sectors.

According to the ONS, the median gross annual earnings for full-time employees reached £37,430 in April 2024 — a 6.9% increase from the previous year. But while average pay is rising, the gap between the top and bottom earners remains stark.

Leadership, Tech, and Transport Dominate Top Salaries

Unsurprisingly, executive and leadership roles lead the list of the UK’s highest paying jobs. Chief executives and senior officials top the chart with a median annual salary of £88,056. Close behind are directors in marketing, sales, and advertising (£87,309), and IT directors (£86,033). These three are the only professions with salaries surpassing €100,000 annually.

Notably, aircraft pilots and air traffic controllers rank fourth (£80,414), followed by specialist medical practitioners (£74,979) and headteachers (£71,064). Several transport-related roles also feature prominently — including train and tram drivers, who earn £63,958, outpacing even judges and barristers (£59,423).

Tech remains a stronghold for high pay, with various IT roles — such as systems designers, software developers, and business analysts — earning well above the national median. Other well-compensated fields include engineering, statistics, and emergency services. Paramedics, for instance, earn an average of £54,638, while aerospace and electronics engineers earn just over £52,000.

The 40th highest-paying job still earns £50,853, illustrating the significant financial gap even within the top-earning group.

Hospitality, Childcare, and Support Roles Trail Behind

At the opposite end of the spectrum, school midday supervisors and crossing patrol staff are the lowest paid in the UK, earning £19,860 — just over half the national median. Coffee shop workers follow closely at £19,990.

Hospitality and catering roles dominate the bottom 40, with bar staff, waiters, cooks, and kitchen assistants all earning between £20,000 and £23,000. Despite their societal importance, early years and childcare professionals are also among the lowest paid. Childminders earn around £20,189, while early education assistants make under £23,000 annually.

Manual and cleaning roles, such as launderers, florists, and sewing machinists, also rank low. Even some healthcare support roles, including dental nurses and pharmacy assistants, fall below the national median despite requiring training or certification.

As the UK’s job market evolves, this data underscores the persistent inequality in pay across sectors. While digital and technical roles continue to gain value, critical support and care professions lag behind, raising important questions about how society rewards its workforce.