How the stars save for their life away from the cameras (and look who's smiling - and batting - their way to happiness!)

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Former England cricket captain David Gower is one of Sky TV’s most famous cricket commentators and a member of the International Cricket Council Hall of Fame. 

He is a keen wildlife conservationist as well as a patron of the rainforest charity, World Land Trust. 

Now 57, he lives in Hampshire with wife Thorunn, who is ‘over 55’, and has two adult daughters, 21-year-old Alex and 18-year-old Sammi. 

In it for the long run: David with his wife Thorunn

Would you describe yourself as good at saving for retirement?

Yes. I set up pensions for both me and my wife a long time ago now. There is more than £1 million in each of them and we’re close to the lifetime cap of £1.25 million, the maximum permitted under current pension rules. 

What is the most expensive frivolous item you have ever bought? 

I bought a Cyrus electronics sound system and some Ruarc speakers 20 years ago. They cost me £5,000 at the time, the equivalent of a lot more now. 

When did you begin saving in a pension and what prompted you to start? 

I started putting money into pension funds in my mid-20s. 

How much did you put into your pension fund? 

Whatever I could afford at first, and then, over the last ten or 15 years, whatever the maximum was. 

What pension do you have? 

A self-invested personal pension.

How is it going? 

You have to accept the ups and downs of the stock market. Overall, though, my Sipp has definitely gone up over the years. 

England cricket: Ian Botham and David Gower during the Australia tour of England 1985

Did you lose money in the 2008 financial crash? 

There was one investment under my Sipp umbrella which was a commercial property fund. I lost pretty much all the money that I’d invested in it, which was about £20,000. 

Did you get advice on how to invest your pension or did you go it alone? 

I took advice and invested in various managed funds. It’s a safe, diverse portfolio. 

What’s the best investment you’ve made for retirement?

It remains to be seen. I’m in the hands of the experts, and I just hope the funds will stack up by the time I get to needing them. 

Do you think the new changes are a good idea? 

I do – particularly the freedom to make your money work as hard as it possibly can rather than going down the ridiculous annuity road. If I were ever forced to take an annuity now for whatever reason, I’d feel completely legged over. 

Do you plan to take advantage of the freedoms now? 

I’m still working so I’ve no intention of dipping into my pension yet. There’s no need to touch it – I’d rather leave it intact and inheritable. If there were any financial disaster or if Revenue & Customs wants to start introducing even more retrospective and ludicrous tax legislation which threatens to take hard-earned money away, then maybe I’d have to look at it. 

Will you draw it down in the future?

I hope so. It would be ridiculous not to. But between now and when I need my pension, who knows what legislation will be introduced? One would like to think that anyone who’s taken the right and responsible course of action to take the pressure off the State when they get to a certain age by saving would be respected by the Government. But it doesn’t really seem to work that way. 

Do you save in other ways for retirement – in Isas or property for example? 

Yes, we have Isas, for us and the children. We also have a couple of buy-to-let flats in South London. 

Finally, have you got a message for your 20-year-old self about saving for the future? 

At 20, my message would be: have a bit of fun. At 25, look at your earnings and divide it up into money to live on, money to have fun with and money to save. But there’s no point in saving for a rainy day in 50 years’ time at the expense of living life in the meantime. Life is there to be lived and loved.

A saver not a spender: Carol Smillie is ready for the pension changes

Soon after she turned 50, Carol Smillie gave up TV presenting to start her own business venture with Annabel Croft, the former tennis player. 

The pair created women’s underwear range Diary Doll. The award-winning range, which is already being sold in John Lewis, will next month hit the shelves in Debenhams, JD Williams and Alliance Pharmacies. 

Carol, 53, lives in Glasgow with husband Alex Knight, 48, and her three children, Christie, 19, Robbie, 17, and Jodie, 15. 

Would you describe yourself as good at saving for retirement? 

Yes, I would. I’m a saver, not a spender. I think saving is important because you don’t know what’s going to happen in the future. I wouldn’t want to rely on my children in retirement – that’s a terrifying thought! 

What is the most expensive frivolous item you’ve ever bought? 

It has to be the diamond ring that I still wear to this day. I bought it in the 1990s, to celebrate a significant jump in my daily pay rate at the BBC. It cost a five-figure sum, more than I’d ever spent on a ring before. 

When did you begin saving in a pension and what prompted you to start? 

I know it’s unusual but I actually started saving into my first pension when I was aged 19. I was working as a promotional girl at a financial exhibition and it was quiet at this financial adviser’s stand, and he talked me into paying £30 a month into a pension plan. It’s still going. Since then, I’ve saved automatically into a pension every month. 

Did you get advice on how to invest your pension? 

Yes, I started getting pension advice from a financial adviser when I was in my early 30s and earning significant sums of money. I think taking advice at that point was definitely the right thing to do. 

Apart from your financial adviser, who’s the main person you talk to about your pension? 

My husband Alex. He’s very good with money, and does more of the household financial planning than I do. 

What kind of pension do you have? 

Apart from that initial pension plan I set up all those years ago, everything is now in a self-invested personal pension. 

How is your pension saving going? 

Quite well, I think. I use it as part of my overall tax-efficient financial planning. I put in the maximum that I am permitted to – £40,000 a year. 

Have you made any mistakes with your pension? 

I had some bank shares inside my Sipp which I lost money on in the 2008 crash. But I’ve not had any major disasters because I didn’t put everything into one basket. 

What’s the best investment you’ve made for retirement? 

The house in the Algarve, Portugal. We bought it just over 15 years ago. When we sold it in 2002, we got back double. We then bought another house on the same resort which we still have. I like bricks and mortar because it’s a tangible asset. 

Do you think the pension changes are a good idea?

I think it’s great that you can decide for yourself how much money to take out of your pension. It’s also a good idea to give people access to their pension at the point they can still enjoy it, because 55 is not old. Also, the fact that you’ll be able to pass on your pension free of tax before the age of 75 is good. 

Do you plan to take advantage of the freedoms now or in the future? 

Yes, I’ll start taking out tax-free cash when I turn 55. Some of it, definitely. At the moment, I’m not doing any television presenting and Alex has left the restaurant business because we’re both putting all our efforts into Diary Doll, pretty pants that women can wear with confidence during their periods. The business is growing fast, but it’s an uncertain time – we’re bringing a product to market that nobody’s ever done before, and we’re at a stage in the business where we’ve got to put money into it. 

What are your plans for your pension? 

My pension is there in the background as my security. I’m not dependent on it but it’s a comfort for me to know it’s there.

Do you save in other ways for retirement, such as in tax-friendly Isas or property? 

Yes, we have half a dozen properties in Scotland and we save the maximum we can into our Isas each year. 

Finally, have you got a message for your 20-year-old self about saving for the future? 

Keep saving into your pension, and buy a property at 21 – which I did. I actually think my 20 year-old self had it bang on financially! 

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