Boost Your Retirement by £3,100 with a Simple Bank Holiday Pension Trick

People are being urged to make the most of their Bank Holidays, a move that could potentially boost their retirement fund by £3,000. A savvy Bank Holiday pension 'trick' could see those auto-enrolled into a workplace pension scheme benefit from an additional £3,100 in their retirement pot.

According to research conducted by Lloyds Bank and Scottish Widows, an employee earning £26,000 could expect their employer to contribute approximately £37 annually across the nine bank holidays as part of the scheme. The study further elaborates that if an individual is enrolled into a workplace pension scheme from the age of 22 and retires at 68, this could accumulate to an extra £3,100 in their pension pot.

Since 2018, it has been a legal requirement for all employers to set up and enrol all eligible employees into a qualifying pension. Your employer will provide written details outlining how automatic enrolment will affect you.

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In many cases, this information will be communicated via letter, but some employers may opt for other methods, such as email.

Scottish Widows' retirement specialist, Robert Cochran, has offered some insightful tips for those wishing to secure their financial future. He advised: "Saving into a workplace pension is a real no brainer as it is the most tax efficient way to save for the long term, and the advantages of your employer contributing towards your pension are well worth it. A pound saved into a workplace pension can double from day one thanks to employer contributions, compound interest and tax relief, so while it's never too late to start saving, a pound saved by someone in their twenties