Millions of Britons could be missing opportunities to boost their retirement savings because they do not understand how their pension grows, new research suggests.
A survey for the Pension Attention campaign found that 37% of UK adults do not know how their pension grows over time.
But experts say it does not necessarily take huge amounts of money or complicated investment decisions to give your pension a boost.
With Pensions Awareness Week taking place from September 14 to 18, personal finance expert Emmanuel Asuquo has shared five simple ways savers can give their pension pot more attention.
1. Start as early as possible
The earlier you start paying into a pension, the longer your money has to benefit from compound growth.
Even relatively small contributions made in your 20s, 30s and 40s can potentially grow significantly over several decades.
Simon Bocca, founder and CEO at PayCaptain, said: “Even a small contribution from a young age can make a big difference over time.”
He added: “Starting early and building a contribution up in value, year after year, will help you enjoy a more financially secure retirement.”
2. Check how much you have
The first step is knowing what you already have.
Pension Attention encourages savers to use its tools and guidance to understand their pension, while MoneyHelper has a free pension calculator.
You can also check your State Pension forecast through GOV.UK to see what you could receive based on your National Insurance record.
3. Track down old pension pots
Many workers will have accumulated several pension pots during their working lives.
With the average person holding around 11 jobs during their lifetime, it is easy to lose track of old workplace pensions.
The Government's free Pension Tracing Service can help people track down pensions they may have forgotten about.
Bringing pensions together can also make retirement savings easier to manage, although savers should check charges, investment options and any valuable benefits before transferring a pension.
4. Increase contributions when you can
You do not necessarily need to find a large lump sum to make a difference.
Instead, consider increasing your regular contribution slightly when your circumstances allow.
For example, if you receive a pay rise, you could ask whether some of the increase can be directed into your pension.
It is also worth checking whether your employer will increase its contribution if you pay more into your workplace pension.
5. Understand where your money is invested
Your pension is normally invested, so it is worth understanding where your money is held and how much risk you are taking.
Younger savers may have more time to ride out short-term market falls and could potentially benefit from investments offering greater long-term growth, although investments can fall as well as rise and you could get back less than you invested.
Anna Buckle, chief impact officer at PayCaptain, said: “When you decide to access your pension benefits you can take up to 25% of the value as a tax-free lump-sum, subject to some rules and regulations.”
The remaining pension can be used to provide an income through options including an annuity or flexible access, depending on the circumstances.
Buckle warned that taking the whole pension in one go can have a major tax impact.
“You can even take all of your pension in one go, but remember that after the 25% tax-free cash amount, the rest of the pension is taxed as income,” she said.
“Taking your pension in one go can push you up into a higher rate for Income Tax for that year.”
She added: “It’s definitely a good idea to take advice when you're thinking about taking your pension benefits as it can help you reduce your tax liabilities.”
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How much should you have for retirement?
Bocca said: “A good rule of thumb for retirement is to save enough to cover around 80% of your pre-retirement income.”
However, the amount someone needs will vary significantly depending on their circumstances, including when they retire, their housing costs and the income they expect from the State Pension and other savings.
For 2026/27, the full new State Pension is £241.30 a week, although the amount someone receives depends on their National Insurance record.
Most people need at least 10 qualifying years to receive any new State Pension, while 35 qualifying years are generally needed for the full amount under the current rules.
The State Pension age is currently 66 and is rising to 67 between April 2026 and April 2028.
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