Britons are being urged to use an important “tool” which could boost their pension income significantly by experts.
The “tool” in question is the Pension Tracking Service which helps taxpayers source contact details to get access to previous retirement plans.
With the cost of living continuing to put financial pressure on families, households are unable to save as much.
However, Britons may be able to track down forgotten pension pots which could bolster their retirement savings dramatically.
Older people are looking for ways to boost retirement income
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Rajan Lakhani, a personal finance expert at smart money app Plum, spoke exclusively to GB News about the useful “tool” which could bolster retirement income.
He explained: “It pays to make sure you’re on top of all the money you’ve saved over the duration of your working life.
“Most people today have multiple pension pots from different employers, as well as other savings and investments stashed across multiple banks and financial institutions.
“Use the Government’s lost pensions tool to track down any pensions that you might have forgotten about. And consider whether you might save some money by combining the different pots into one pension.”
The Government’s Pension Tracking Service is vital for future retirees who have been unable to track down their previous pension pots by contacting providers or old employers.
Through its database, the service scans through more than 200,000 workplace and personal pension schemes to search for the contact details Britons need.
Many people rely on this service due to losing the contact details of ex-employers and not being sure who their pension providers have been.
Britons can use this service by calling its helpline 0800 731 0193 or submitting a tracing request form on the gov.uk website.
Outside of tracking down lost retirement pots, retirement savers are being reminded not to fall into potential tax pitfalls.
The finance expert urged those who have more money for retirement to get professional advice on their potential tax obligations.
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Mr Lakhani said: “As for your other savings and investments, make sure you aren’t being stung for tax and are making the most of available wrappers, such as ISAs.
“Talking to a registered financial adviser about your options for this is often a good investment.”
As well as this, the money expert encouraged pensioners to check their eligibility for other benefits, which could relieve the cost of living.
Furthermore, Mr Lakhani cited side hustles as a useful way for people to supplement their retirement income and boost their savings.