Simple £79 move can boost pension savings by whopping £74,000
Boosting your pension pot by £74,000 might sound unlikely, but with some adjustments, it could be possible, according to retirement experts. While cost-of-living pressures make it hard to save, especially amid fuel price hikes tied to the US-Israel war with Iran, experts at Standard Life recommended one easy tip to help boost your pension pot, as we enter a new tax year.
Mike Ambery, pension savings director at Standard Life plc, said: "In a world that feels increasingly uncertain and unpredictable, it's understandable that many people focus on the here and now - and that longer-term savings can feel distant or even overwhelming. That's why the start of the new tax year matters - it provides a clear moment to pause and re-engage with your financial future, and the opportunity to use refreshed allowances to make your money work harder."
He stressed that before investing, the first step to boost your finances in the 2026/27 tax year should be reviewing your existing monthly commitments.
"Before focusing on where to save and invest, it's worth taking time at the start of the tax year to reset your daytoday finances.
"Cancelling any unused direct debits and reviewing bills like broadband and mobile contracts, which often increase in April, and switching to bettervalue deals can free up some extra cash."
By cutting certain bills like your streaming and music services, you can regain a chunk of cash every month that can be reinvested.
"To put this into perspective, someone paying £47 a month for the average UK gym membership, £19 for a premium video streaming service and around £13 for a music subscription could free up roughly £79 a month simply by cancelling services they no longer use, and our analysis shows how powerful that could be if redirected into a pension."
A worker who regularly saves into their pension alongside their workplace commitments could boost their pot by £74,000 over their working life, according to Standard Life calculations.
"Someone starting work at 22 on a £25,000 salary and paying minimum autoenrolment contributions could build a retirement fund of £210,000 by age 68 in today's prices.
"However, if that £79 saved each month from cancelled direct debits was paid into their pension throughout their career, it could potentially add £74,000 - boosting their retirement pot to £284,000, adjusted for inflation."
However, it doesn't need to be £79. Even redirecting modest amounts into savings or investments could help protect against inflation. He advised starting with small, manageable steps to regain a sense of control.
"Over time, that can help build greater financial security in later life and support the future people want to achieve," he said.