Times are tough and pensioners are among the hardest hit. Older people, who spend a higher proportion of their income on necessities, are being hurt the most by soaring food and fuel costs.

The over-75s are now grappling with an inflation rate of 5.4%, according to Alliance Trust — a record for its six-year study — against the official rate of 3.8%.

Other age groups are also feeling the pinch: 30 to 49-year-olds are facing an inflation rate of 4.2% — the first above 4%.

“This is a reminder of how important it is for retirement savers to think ahead,” said Steve Rumbles at Black Rock.

A couple retiring on £10,000 a year in today’s terms — an “economy class” retirement of the bare essentials, but little in the way of luxuries — would need to save £75 a month from the age of 30.

Those who want a “business class” retirement, with annual income of £23,000 per couple, would need to stash away £600 a month. They would be able to eat out once a week and go on holiday twice a year, Black Rock said.

The earlier pension contributions start and the more put away the better. In a downturn, though, savings are often the first things to go. A quarter of 3,624 respondents to a YouGov poll for the Association of British Insurers plan to sacrifice savings in general and 6% are willing to cut back their pension contributions.

Here we consider 10 ways to improve your pension prospects the easy way.

1 CLAIM TAX RELIEF

If you pay into a company pension, your employer will take the contribution from your salary before deducting tax. If you pay into a personal pension, your plan provider will claim tax back from the government at the basic rate of 20% — meaning for every £80 you save, £100 goes into your pension pot.

Higher-rate taxpayers, however, have to claim the remaining 20% relief via their tax return or write to their local tax office. This money can also be ploughed into your pension, and tax relief claimed again.

You can get relief on contributions of up to 100% of pensionable earnings per year, subject to an annual allowance, currently £235,000. This does not apply in the year you start drawing pension benefits, provided savings do not exceed the lifetime allowance, currently £1.65m.

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