A number of pension providers have shared their top tips for pension savers in 2024, emphasising the need for savers to properly plan their retirement finances given rising prices.

Wealth at Work director, Jonathan Watts-Lay, admitted that the rising cost of living is understandably concerning for those due to retire in 2024, as savers need to work out how much they are going to need, and if they haven’t saved enough, what their options are.

“We spend many years saving for our retirement and deciding how to manage this money is one of the biggest financial decisions people make," he said.

"It is heart-breaking when people make mistakes with their hard-earned savings which could have been so easily avoided. This is why many employers now offer retirement support including access to financial education, guidance and regulated financial advice for employees."

He suggested, however, that now is a "great time" for employees to review their financial situation and take action to make sure they are in control of their finances in 2024.

“Proactive employers are actively working to help employees to improve their financial future, remove the stigma around money worries and access the support available," he continued.

"Key to this is offering financial education and guidance to help employees better manage their finances including how to create a budget, build savings and manage debt. Supporting employees to build their financial resilience and improve their financial wellbeing is of utmost importance right now.”

PensionBee also identified four specific pension saving priorities for the year ahead, urging savers to get to know their pension, calculate what they are on track for, and work out if they can increase contributions - and if they can, increase them.

PensionBee director of public affairs, Becky O’Connor, said: “It’s amazing how easy it is to go through your entire working life without ever actually knowing how your pension works.

"But not understanding the type of scheme you have or how it works can leave you at risk of missing out on free cash, such as more tax relief or lower tax bills.

"It’s a good idea to add up how much you already have across different pensions and if they grow by a realistic amount before your planned retirement date, how much you are likely to have when you retire. Then you will know if you can carry on as you are or if you need to think about increasing contributions.

“Even without employer contributions, pensions are still worth having if you’ve never managed to pay into one before, because the tax relief added to your contributions still provides a significant additional boost to what you pay in."

Hargreaves Lansdown also highlighted a number of pension pitfalls for savers to avoid, encouraging savers to take advantage of pension tax relief, as well as higher annual allowances, and employer contributions.

It also encouraged savers to keep track of older pension pots, as Hargreaves Lansdown head of retirement analysis, Helen Morrissey, stressed that "even the smallest pensions can grow and over time you could be missing out on a significant chunk of savings".

"Avoiding pension pitfalls is key to making the most of your retirement planning," she continued.

"Claiming the tax relief you are entitled to sounds like it should be a given, yet £245m a year remains in the government’s coffers on average. Similarly, losing track of an old pension can leave you far worse off in retirement.

"Life is busy and it is easy to put things off, especially when retirement may feel like it’s a long way away but giving your retirement plans an annual dust off and taking small actions on a regular basis will be something that your future self will surely thank you for.”

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