Pension savers could boost their pension by £37k with an extra £39

Standard Life's analysis says adding about £39 a month to pension contributions could grow to roughly £37,000 over time, and the article highlights taking advantage of tax relief and putting lump sums into a pension. It also notes that defined contribution members can usually change payments through their employer or provider and that the state pension requires 10 qualifying years for any payment and 35 years for the full amount.

Adding a modest monthly amount to a pension is the focus of a recent Standard Life analysis. The analysis presents an example where about £39 a month could become roughly £37,000 over a long period. A Standard Life retirement director emphasized that small, consistent contributions and use of tax relief and lump sums can influence outcomes. The piece also covers how defined contribution members can usually adjust payments and outlines basic state pension qualifying-year rules. Key points: - Standard Life's analysis says adding about £39 a month to retirement contributions could increase a pension by roughly £37,000 over time. - The article compares that monthly amount to the combined cost of an Apple One bundle (£18.95), Disney+ Premium (£14.99) and Uber One (£4.99). - Mike Ambery, Retirement Savings Director at Standard Life, is quoted recommending small, consistent contributions, tax relief and putting lump sums into pensions. - For defined contribution pensions, members can usually decide contribution levels by speaking to an employer or their pension provider, but should check whether a scheme allows extra contributions. - The article notes state pension rules: typically 10 qualifying years are needed to receive any state pension and 35 years for the full amount; it reports that gaps can be filled by paying in or by claiming any free credits if entitled to them. Summary: Standard Life's example illustrates how modest regular contributions can add up over many years and highlights tax relief and lump sums as factors the firm mentions. Specific next steps or wider policy changes are not stated; Undetermined at this time.