Pensions in the UK: five ways to get thousands more.

According to The Sun: Whether you are planning a beach holiday with a cocktail or taking the kids to Disneyland, you will need a fair amount of money to realize your retirement dreams.

To maintain a 'moderate' standard of living, you will need £31,700 per year (£43,900 for a couple). This money will allow for small treats, such as one holiday a year and dinner in a restaurant once a week.

How much money you need to realize your retirement dreams Getty

This amount may seem huge, but our tips can significantly boost your pension fund.

Rosie Murray-West offers five ways to improve your finances in retirement.

CATCHING UP ON MISSING YEARS IN NATIONAL INSURANCE

Alamy

Make sure there are no gaps in your National Insurance record to get the maximum state pension, which is currently £230.25 a week (£11,973 a year).

The government uses your National Insurance contributions, a tax on your earnings, to determine the amount of pension you will receive.

To receive the full pension, you need 35 years of contributions. For example, filling in gaps for the tax year 2022/23 costs £824.20, but it will secure an additional £342 a year.

Over 20 years, that amounts to £8,736, assuming your pension increases by 2.5% annually.

Explore options for filling in gaps for free. If you are a caregiver or have stopped working to care for young children, you may receive National Insurance credits.

Also, if you look after grandchildren under 12 years old, you are also entitled to special credits. Parents or guardians receiving child benefit can transfer NI credits to their parents. This can be done via the gov.uk website.

DEFERRED STATE PENSION

Getty

Did you know that delaying your state pension can increase your payments?

Ten percent of adults aged 66 to 75 do just that.

This route can be beneficial for those who continue to work and are in good health.

Typically, you need to live 17 years after claiming your pension to benefit. Steve Lowe, a pension expert from Just Group, explains that delaying for a year means you will receive £12,667 a year — £694 more than the maximum amount.

Over 20 years, this will provide an additional £13,884.

If you don’t claim your state pension when reaching the qualifying age, the government will automatically defer it.

However, deferral can become a mistake if you qualify for other benefits, such as Pension Credit.

Your increased pension may exceed the income threshold, causing you to be ineligible for Pension Credit.

Book a free consultation with Pension Wise for independent advice.

LOCATE OLD PENSIONS

Getty

Finding lost pensions is important, as around 3.3 million pensions in the UK may be unclaimed, averaging £9,470 each.

“Make a list of all the places you worked and might have had a pension, then check if you have any paperwork for them,” advises Helen Morrissey from investment group Hargreaves Lansdown.

If documents are lost, call the Pension Tracing Service at 0800 731 0175 for contact information.

After recovering old pensions, it may make sense to transfer them to a new provider with lower fees.

The average annual management fee for a pension is 0.75%, with some providers charging only 0.3%.

Lower fees can significantly impact your pension over 20 years.

However, consult before transferring, as it may not be advantageous for defined benefit pensions.

INCREASE CONTRIBUTIONS

Increase your pension contributions to take advantage of tax benefits Getty

Pensions are a great way to save.

Tax benefits mean that for every £80 you save, the government adds another £20 (for basic rate taxpayers).

Your money grows tax-free.

If possible, increase your pension contributions. For workplace pension plans, the minimum contribution is 5% of your salary plus 3% from your employer.

A thirty-year-old earning £25,000 a year and saving the minimum will have £235,000 by 68, assuming 5% growth and a 3% annual pay rise.

If they increase contributions to 7% and receive employer matching (which some companies do), they will have £352,050.

Check if your employer offers salary sacrifice options.

This allows you to increase your pension before tax.

The Chancellor may cut these schemes in the October budget, so act fast.

GET DISCOUNTS AND BENEFITS

Alamy

Discounts and benefits for seniors help ease the financial burden in retirement.

These include free bus passes and discounts on train tickets.

Those with low pensions can receive Pension Credit (up to £75 a week) and other benefits, including payments in cold months and discounts on council tax.

Check the Age UK website for a full list of potential benefits.

‘THE LONGER I DELAY, THE MORE I’LL HAVE’

Sarah Welland increased her state pension by £4,780 a year by filling in gaps in her National Insurance record.

The 61-year-old hypnotherapist, who lives in Portugal, filled in 16 missed years in March after a long career break.

Although it cost Sarah a significant £13,000, she believes she increased her state pension by about 40% — from £7,184 to £11,973.

She will get her money back if she lives for three years after retiring at 67 — and will receive over £138,963 over 20 years.

Sarah is also trying to avoid using her private pensions for as long as possible so they have more time to grow.

She notes: “The longer I can delay, the more will be in the pot.

“Take any available work — even part-time — it will increase your income now, and you will have more later.

“I plan to work as much as I can.”

FREE BEER IN PREMIUM OFFERS

Greene King

Greene King has launched a new loyalty program allowing customers to earn free drinks, including beer and food.

The pub chain has opened a new feature in its app that enables users to win prizes, including pints and vouchers to spend in their 2,700 pubs across the UK.

Fun games include spinning a wheel for a chance to win main meals, pints, or desserts.

By ordering at least £1 through the app, you have a chance to win a £50 voucher.

There is also a Pub Match game where you can win even more free items every time you spend through the app or scan your member ID at the register.

The more you use the app, the more chances you have to win a prize. Greene King is not the only chain with a loyalty program. Butcombe, which operates over 120 pubs, offers discounts for users of their app.

The middle of such offers is earning points — you earn five for every £1 spent. When you reach 500 points, £5 will be credited to your account.

You can also get a 25% food discount every Wednesday.

Meanwhile, O'Neill's offers the chance to collect stamps for rewards for those who sign up for the loyalty program.

• Author: Lucy Andrews

IKEA: £2 FOR CLICK & COLLECT

Alamy

IKEA now charges customers £2 for the 'click and collect' service, causing outrage among shoppers.

Customers who order online and pick up from their local store will have to pay this fee unless they are part of the loyalty program 'Family'.

About this change, one shopper online noted: “Since when did you start charging for 'click and collect'? I understand it costs the business, but this should be done away with.”

The furniture giant stated that the charge was introduced to ensure the 'financial stability' of their delivery and collection services.

They believe: “We believe in transparent pricing and will continue to invest in our services to expand our collection capabilities.”

To avoid the fee, you must register for the 'Family' loyalty program for free, but spending must meet certain thresholds to qualify for collection.

Members must spend over £100 for collection from Tesco, over £60 from a DPD point (located in grocery stores or post offices), and over £100 from Locker.

This plan also allows earning points for rewards that can cover things like delivery or meal discounts, as well as higher redemption points for old items.

Meanwhile, Morrisons recently introduced a £3 charge for customers ordering a basket worth £40 or less for home delivery, while Royal Mail has implemented a 30p charge for home collection after years of free service.

• Author: Harriet Cook

All information about pension advice will help readers better understand how to gradually increase their income in retirement. With these recommendations, they will be able to optimize their investments and find lucrative solutions to ensure a decent life in their golden years.