“When you actually look at the facts about how much you need genuinely to retire to a decent standard of living, I obviously need to put quite a lot more away yet.”

He adds: “It made sense for me [to consolidate my pension pots], but maybe not for everybody.”

While it’s a long way off until Tony plans to retire, he’s had some thoughts about what his retirement will look like.

In order to maintain the standard of living, Tony is continuing to pay into his current workplace pension, while his wife has a Teachers’ Pension.

At the moment, he’s hoping he’ll be able to retire at the age of 60. “I would really like to retire at 60,” he says. “It’s ambitious but I really would like to and I’m trying to aim for that. I’m trying to get my mortgage paid off and all that good stuff.”

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