Expert explains ‘easy’ tip to boost pension pot – ‘find hidden gem’

Don’t forget pension perks and rewards

Like some bank accounts can come with everyday rewards like cashback and discounts, workplace pensions might also come with rewards that can help with money off on groceries or even support with money coaching.

Ms Read said: “Check what you’re entitled to through your pension and how it can help you budget and navigate the cost of living.”

Don’t miss out on additional pension contributions from employers

While 2023 might not be the right time to pay more into pensions due to inflationary pressures, people should make sure they understand their employer’s terms and what they might be missing out on, and consider making changes in the future.

Ms Read said: “If you’re paying into a workplace pension your employer will match your contributions up to a fixed percentage.”

However, she noted that as these do vary from employer to employer, “it’s worth checking” what a person “needs to pay in order to access the maximum” from their employer.

Ms Read said: “This could have a big impact on your accumulated pension pot at retirement, in some cases adding thousands.”

Don’t fall for unnecessary fees when using some pension apps

Finance apps are gaining popularity, from digital bank accounts to micro-investing and cryptocurrency. Apps that allow people to view their pensions in one place and combine them into one plan are becoming increasingly popular, but some can come with hefty fees.