There are several myths surrounding pensions that can lead to misunderstandings and mistakes:

1. Pensions are too complicated to understand - While pensions may seem complex at first, taking the time to understand the basics and working with an advisor can help demystify the process.

2. I'll have enough savings to retire without a pension - It's uncertain what the future holds and relying solely on savings may not be enough to maintain your standard of living in retirement.

3. I'm too young to think about pensions - Starting to save for a pension early in your career can have a significant impact on the size of your pension pot when you retire.

4. I won't live long enough to enjoy the benefits of my pension - With people living longer and healthier lives, there's a good chance you'll spend several years in retirement.

5. I can't afford to pay into a pension - With pension contributions often attracting tax relief, paying into a pension can be more affordable than you think.

6. Pensions are a bad investment - While pensions are not guaranteed, they are a long-term investment and have a good track record of delivering returns over time.

7. If my employer goes bankrupt I lose all my money- There are different types of workplace pension schemes, and some have protection in place in the event that your employer goes bankrupt. For example, if you are in a defined benefit pension scheme, your benefits may be protected by the Pension Protection Fund (PPF). If you are in a defined contribution pension scheme, your savings are generally held in a separate fund and are not directly linked to the financial stability of your employer. However, it's always a good idea to speak with a financial advisor to get a clear understanding of your specific situation.

8. If I die I lose all my money-Not so! The money in your pension scheme usually passes to your beneficiaries tax-free if you die before reaching 75 If you have a spouse or dependant, they may be able to receive a lump sum or a regular income from your pension scheme. Some pension schemes offer life insurance as part of the package, which could provide a lump sum payment to your beneficiaries if you die.

9. All my money is invested in the stock market and is high risk-Not necessarily! Investment in the stock market is just one option for pension funds, and while it can carry more risk, it can also offer higher potential returns. It's important to have a diversified investment portfolio that balances risk and reward, and a financial advisor can help you determine what's right for you based on your individual circumstances and goals.