Polygamous working could boost pension by £47,000 – Standard Life

People who take on two remote jobs, known as polygamous working, could retire with £47,000 more in their pension, according to analysis from Standard Life. 

Research found that an individual working from age 22 to 68, putting the minimum 8% into their pension, and holding down two jobs for 10 years between 35 and 45, could finish with a pension pot of £257,000, adjusted for inflation. 

That is £47,000 more compared to someone working one job for their whole career, who could end up with £210,000.

If the same person retires early at 57, the pot could drop to £167,000, which is £43,000 less than sticking to one job until 68.

Standard Life also reminded workers that juggling two jobs is not illegal but is often forbidden in contracts. 

Those who do take on extra work could see extra pension plans boost their retirement savings, but recent research found nine in 10 workers had experienced extreme pressure or stress in the past year. 

Standard Life warned the risk of burnout could force early retirement and cut down final savings.

Dean Butler, managing director for retail at Standard Life, said: “Polygamous working might be one of the more unexpected legacies of the rise of remote working, but it’s not hard to see why it might appeal to a brazen few.