Hello and welcome back to The Money Vault and new weekly Wednesday show where we dig into the archives to give you one of our classic episodes from back in the day.

Damien, welcome back. How are you doing? So this week's show is all about how to boost your pension. It goes back to episode 497 and draws the insight. So that episode we talked about 20 ways to boost your pension. There'll be a whole load of things in this show that

you won't know about necessarily, so make sure you listen through and it could make a huge

difference to your retirement. I'm going to tell you more than 20 ways in which you can boost

your pension. And when I talk about pension, I'm talking about defined contribution pensions,

as well as your state pension. In a recent video, I applied a number of the tips that I'm going to talk about pension, I'm talking about defined contribution pensions as well as your state pension.

In a recent video, I applied a number of the tips I'm going to talk about to illustrate how

anyone without any pension savings, even somebody aged 50, can retire with a pension income of

37,500 pounds a year, which happens to be the national average wage. Now, of course, it goes without

saying if you pay more into your pension, then you will get a bigger pot at the end and you'll

ultimately get a bigger income. Now, I'm not going to teach you to suck eggs by saying that, but it's

still worth you getting an idea of what sort of pension funds you're going to have at retirement

and the associated retirement income as a general starting pension funds you're going to have at retirement and the associated retirement

income as a general starting point when you're watching and listening to this. So I suggest that you

use the pension calculator for Money Helper, which is my particular favourite, and there is a link in the

note, and all you have to do is enter your current savings, your contributions, your pension pots,

etc. And it will work out how much your pension pot will be when you come to retire and how much

income it might generate. So my first tip is make sure you're claiming tax relief on your

pension contributions. The good news is that basic rate tax players can claim 20% tax relief

on contributions into a pension,

while higher rate and additional rate taxpayers can claim a total of 40% and 45% respectively.

This means that if a basic rate taxpayer pays 80 pounds into a pension,

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