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I'm only 21, is it worth joining my company's pension scheme?

Yes.

In your 20s you are likely to have many priorities competing for your attention so the thought of retirement is probably the last thing on your mind.  However, if you start saving for retirement now (even with a small amount initially), you have an advantage over those who start later - time!

With pensions, our advice is always to commence saving as early as possible, as it means you can save less each month than if you start in your 30s or 40s and you have longer to build a larger retirement fund. 

One of the easiest ways to start a pension is to join your Workplace Pension Scheme.  If you are earning at least £10,000 when you turn 22, you will automatically be enrolled into your workplace pension.  This will require you to pay in each month but your employer has to contribute as well - Free Money!  The money contributed will be automatically deducted from your wages each month – the amount you contribute is usually a minimum of 5%, and your employer currently has to contribute a minimum of 3%.

As you are under the age of 22 you will not be automatically enrolled, but if you earn a minimum of £6,136 a year, you can opt into the pension scheme and your employer has to make the same contributions as to those over the age of 22.