Add up to £37,000 to your pension by redirecting payments

Standard Life research finds the typical UK adult spends nearly £40 a month on redundant direct debits, and the article reports that redirecting those payments into a pension could add about £37,000 to a retirement pot over time.

Research shows many UK adults carry unused direct debits that reduce available income. Standard Life's research finds the typical Brit spends nearly £40 a month on redundant or seldom-used direct debits. The article reports that cancelling these payments and directing the funds into a pension could add about £37,000 to a retirement pot over time. A survey commissioned by Pensions UK indicates more people are taking a more proactive approach to managing their pensions. Key facts: - Standard Life research reports the typical person pays nearly £40 monthly on redundant or seldom-used direct debits, including streaming services, gym memberships and older insurance policies. - The article states that redirecting those amounts into a pension could potentially add about £37,000 to a retirement pot over time. - A survey commissioned by Pensions UK found growing interest among people in managing their pensions more proactively. - City AM reported that financial advisers continue to warn about the risks of inadequate retirement savings. - Mike Ambery, retirement savings director at Standard Life, is reported as saying unused direct debits can quietly drain accounts and that redirecting some payments into pensions could make a meaningful difference. Summary: Redirecting small, recurring direct debits into pension contributions is reported to have the potential to increase retirement savings materially for some people. Undetermined at this time.