Opera Star's Pension Strategy: Why She Won't Touch Three Pots Yet
Opera legend Lesley Garrett has built an enviable financial life — but her approach to pensions offers a surprising lesson for everyday savers: sometimes the best money decision is to leave your nest egg alone.
The 71-year-old, who was principal soprano at the English National Opera and has built a glittering career spanning TV, theatre and recording, has accumulated three separate pension pots. Yet she’s made a deliberate choice not to touch them while she’s still earning from her work.
“I won’t touch them until I hang up my tonsils,” she told This is Money. It’s a philosophy worth understanding, especially if you’re approaching retirement or already have multiple pensions scattered about.
Why waiting can make sense
Garrett’s decision reflects a broader truth: if you’re still earning good income, drawing your pension early might not be the best move. Every pound you withdraw counts as income for tax purposes, potentially pushing you into a higher tax bracket. By continuing to work and letting pensions grow untouched, she’s allowing compound growth to do its job — and deferring tax bills.
For those with multiple pensions (which Garrett accumulated through different employers and self-employment), this strategy can be especially powerful. Each pension pot continues growing, and you only draw when you genuinely need the income.
What this means for you
Most people can access their pension from age 55 (rising to 57 from 2028). But accessing it early doesn’t mean you have to spend it immediately. If you’re still working and earning, leaving pensions untouched while they grow could mean a larger pot later — and potentially lower overall tax bills.
That said, everyone’s situation is different. If you’re struggling now, or facing redundancy, your pension may be a vital lifeline. And some workplace pensions offer features — like death benefits or protection — that disappear if you leave money sitting idle.
Next steps
Review your pension statements and understand how many pots you have. Speak to a free pensions adviser through MoneyHelper (the government’s guidance service) to explore whether waiting, drawing now, or a mix of both makes sense for your circumstances.
TITLE: Opera Star’s Pension Strategy: Why She Won’t Touch Three Pots Yet
LABELS: Pensions, Savings, News
CONTENT:
Opera legend Lesley Garrett has built an enviable financial life — but her approach to pensions offers a surprising lesson for everyday savers: sometimes the best money decision is to leave your nest egg alone.
The 71-year-old, who was principal soprano at the English National Opera and has built a glittering career spanning TV, theatre and recording, has accumulated three separate pension pots. Yet she’s made a deliberate choice not to touch them while she’s still earning from her work.
“I won’t touch them until I hang up my tonsils,” she told This is Money. It’s a philosophy worth understanding, especially if you’re approaching retirement or already have multiple pensions scattered about.
Why waiting can make sense
Garrett’s decision reflects a broader truth: if you’re still earning good income, drawing your pension early might not be the best move. Every pound you withdraw counts as income for tax purposes, potentially pushing you into a higher tax bracket. By continuing to work and letting pensions grow untouched, she’s allowing compound growth to do its job — and deferring tax bills.
For those with multiple pensions (which Garrett accumulated through different employers and self-employment), this strategy can be especially powerful. Each pension pot continues growing, and you only draw when you genuinely need the income.
What this means for you
Most people can access their pension from age 55 (rising to 57 from 2028). But accessing it early doesn’t mean you have to spend it immediately. If you’re still working and earning, leaving pensions untouched while they grow could mean a larger pot later — and potentially lower overall tax bills.
That said, everyone’s situation is different. If you’re struggling now, or facing redundancy, your pension may be a vital lifeline. And some workplace pensions offer features — like death benefits or protection — that disappear if you leave money sitting idle.
Next steps
Review your pension statements and understand how many pots you have. Speak to a free pensions adviser through MoneyHelper (the government’s guidance service) to explore whether waiting, drawing now, or a mix of both makes sense for your circumstances.