Helen Morrissey<\/a>, head of retirement analysis at Hargreaves Lansdown, shares five top tips to boost your pensions. She explained: \u201cRetirement may feel like it\u2019s a long way away but the quicker you get to grips with it the better. Auto-enrolment has been a game-changer in making sure more people than ever are saving into a pension, but taking a set and forget approach to contributions could see you with less than you expected.<\/p>\n \u201cThe latest data from Hargreaves Lansdown\u2019s Savings and Resilience Barometer shows that only 43 per cent of households are on track for an adequate retirement. Taking some simple actions now can make sure you navigate some key pension pitfalls that can make a huge difference for your retirement.\u201d<\/p>\n READ MORE: New State Pension age changes set to delay retirement payments for older people<\/a>READ MORE: Retirement expert shares simple ways to boost State Pension income<\/a>Don\u2019t forget to refresh contributions<\/p>\n Many of us contribute at auto-enrolment levels – for some, this might be enough to give them what they need, but others could be in for a nasty shock. Higher earners in particular are at risk of under-saving and finding themselves unable to sustain the lifestyle they are used to when they get to retirement.<\/p>\n Moving away from a set and forget approach to contributions is all important. Making a rule to increase your contributions every time you get a pay increase, for instance, is a good way of boosting your contributions over time.<\/p>\n It\u2019s also worth seeing if your employer will increase their contribution if you increase yours. This is known as an employer match, and it can make a huge difference to how much goes into your pension.<\/p>\n Remember to claim your pension tax relief<\/p>\n With the self-assessment deadline looming, it\u2019s well worth highlighting the issue of unclaimed pension tax relief. Tax relief is a huge incentive to save for the future, but not everyone is getting what is due to them.<\/p>\n Basic rate tax relief will usually be added to your contribution automatically and you won\u2019t need to claim extra relief if your pension is set up under salary sacrifice either. However, if you are a higher or additional rate taxpayer it\u2019s worth checking what type of pension you have as you may need to claim the extra 20% or 25% tax relief through self-assessment.<\/p>\n If your pension is set up under a net pay arrangement, then the correct tax relief will be taken. This is because your pension contribution is deducted from your salary before income tax is paid, and your scheme claims back tax relief at your marginal rate of income tax.<\/p>\n However, if your pension is set up under what is known as relief at source, then you will need to claim the extra tax relief. Many private pensions, such as SIPPs, as well as some workplace pensions, are set up this way with contributions deducted from your salary after tax. The employer takes 80 per cent of the contribution from the employee\u2019s salary and then reclaims the extra 20 per cent from HMRC. This means if you are entitled to tax relief at a higher rate then you need to claim it.<\/p>\n Make the most of your allowances<\/p>\n The annual allowance is usually set at whichever is the lowest of \u00a360,000 and our annual pay. You can make contributions up to this allowance and benefit from tax relief. It means a higher rate taxpayer\u2019s \u00a360,000 contribution in effect only costs them \u00a336,000, so it is hugely tax efficient. If you have any unused allowances from the past three years, you can also make use of these through a process called carry forward, which means you may be able to make a contribution of up to \u00a3220,000 to your SIPP this tax year (as long as you earn at least this amount).<\/p>\n However, be sure to check your annual allowance before making the contribution. If you are a very high earner or have already flexibly accessed your pension, then your allowance could be as low as \u00a310,000.<\/p>\n Make the most of your loved one\u2019s allowances too<\/p>\n If you have used up your own allowances, then you can contribute to the SIPP of a loved one to give their retirement a much-needed boost. You can contribute up to \u00a32,880 per year to the SIPP of a non-working spouse or child and they will receive a government top up in the form of tax relief bringing the contribution to \u00a33,600. It can really help a spouse or civil partner fill gaps in their pension planning, and you can get your child\u2019s retirement planning off to a flying start by contributing to a Junior SIPP. Even small contributions can grow over time and put them thousands of pounds ahead of their peers by the time they start work.<\/p>\n Find those lost pensions<\/p>\n It\u2019s easy to lose track of pensions from old employers but this can leave you thousands of pounds worse off in retirement. If you think a pension has gone astray then contact the government\u2019s Pension Tracing Service. You will need either the name of your employer or pension provider, and they will give you contact details so you can get in touch to see if you have a pension with them.<\/p>\n Once you\u2019ve gathered your pensions together it might make sense to consolidate them. This could save you time, money and admin. However, before you do, make sure you aren\u2019t incurring any exit fees or missing out on benefits such as guaranteed annuity rates.\u201d<\/p>\n Join the conversation on our Money Saving Scotland Facebook group<\/a> for money-saving tips, the latest State Pension and benefits news, energy bill advice and cost of living updates.<\/p>\n Sign up to our Record Money newsletter and get the top stories sent to your inbox daily from Monday to Friday with a special cost of living edition every Thursday – sign up here<\/a>.<\/p>\n You can also follow us on X (formerly Twitter) @Recordmoney_<\/a> for regular updates throughout the day or get money news alerts on your phone by joining our Daily Record Money WhatsApp community<\/a>.<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/uk\/wp-content\/uploads\/2025\/12\/1765186628_722_0_DR-MOney.png\")
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