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. 

“Doubling up on jobs can mean extra income now, and potentially a long-term savings benefit too.

“However, it’s clearly not without complications – many employment contracts restrict multiple roles, and the sheer pressure of juggling two (or more) jobs can be heavy. 

“If the stress builds up and pushes you into early retirement, that pension bump could vanish quickly.”

Butler added: “Before considering job-juggling as a serious option, make sure you have a clear understanding of the potential consequences and take a full view of your situation. 

“Remember you’ll be taxed on your income as a whole and if you qualify for any state benefits, taking additional roles could lower or removed your eligibility. 

“When it comes to pensions, be aware that if one of your roles pays under £10,000, you might not be automatically enrolled into a pension, and you’ll need to ask your employer to opt you in.” 

He said: “Above all, take care of yourself – your wellbeing now shapes your future health and finances, and balance is always key.”