Is it any good me starting a pension fund at the age of 53 ?

Absolutely yes. I didn't start saving for retirement until I was about 47 or 48yrs. There a lot of us late bloomers out there. If you don't retire until your 65 yrs. your money still has a chance to grow for 12 or 13 years. I know you'll appreciate your little nest egg when you retire. Good Luck!

It's not too late. If a 401(k) is available where you work, invest all you can afford to and keep your investments on the conservative side (you don't have THAT many years to go until retirement and you don't want a big loss you don't have the time to recover from). If a 401(k) isn't available to you, I'd open a money market account and put all you can afford into it -- the interest gains are pretty decent (4 - 5 %, shop around for the best rate). A Roth IRA is another good way to invest for retirement -- it's taxed before you invest, not after you withdraw it.

I waited until my very late 40's to get serious about retirement. I'm doing okay with my 401(k), Roth IRA, and money market account, but I'll retire with only a fraction of what I would have if I'd have started this in my early 20's. But it's never too late to start. If you have young people in your life (kids, grandkids, nieces and nephews) urge them to start planning for retirement NOW. The earlier you start the better.

Pension funds are ideally suited to long term growth. I would suggest you utilise other types of investments. Unless the pension on offer is a final salary scheme or you intend working till you are passed retirement, I would say no.

You do not state your country so specific tax help is difficult, but if you are in the UK, I would recommend you utilise all your ISA entitlements, mini and maxi. Or find your most advantageous tax free investment in your own country.

I have yet to see any pension investment "out perform" individual savings plans and investments. Pensions, where they are final salary are worthwhile although becoming rarer.

Even with the employer contribution of up to 5% in the UK a pension fund is not viable. You pay in for X years, to then be forced at the age of 65 or up to ten years later to buy an annuity. The annuity pays you an agreed rate until you die, with or without profits. Upon death generally 50% rolls over to your partner depending on the type of annuity you opted for. Once you partner dies, the original capital is kept by the annuity company, it's simply not viable if you are capable of managing your own investments or can be bothered to learn how.

Manage it yourself, you have greater flexibility, total control and keep 100% of the capital. With current pension company's returns being around 5%, you will get a better return in savings accounts.

Good luck with whatever you decide

As a footnote...Only invest what you can afford to, do not stretch yourself. Just because you have started late does not mean you suddenly have to sell your right arm.

A wise spread would be picking different type savings plans where 65% goes into shares 25% Property and 10% High Risk. There are firms in the UK that do this and have produced a tax free return of 12% per annum averaged over the 11 years I have been doing it, along side buying another property for students to rent.

Note, the exact same investment with a pension company, including my property, would have been 58% behind and I get to do what I want with my money.

For people outside the USA, 401K is a pension type account

Not unless you plan on working at least 10 years. Depending on the vested time usually 5 years the money you would make is minimal. I have a pension and with 5 years you would get $300 a month. But after about 30 it would be 2000 - 3000 depending on overtime raises etc. If you do 10 years which you probably will look to see $500. It's better than nothing but at this age I would be looking at alternative investments, rental properties would be the best.