Your pension might look healthy on paper, but beneath the surface hidden fees, lagging funds and forgotten pots could be draining tens of thousands from your future income. Give us three minutes: we’ll show you eight quick checks that can plug the leaks, boost growth and put you back in control – starting right now.
Pension checks to consider:
1. Pension Performance Check – Is Your Fund Beating the Market?
Just recently, expert researchers at the Financial Times found that as many as 90% of the funds invested in have underperformed, and that’s just in workplace pensions*.
Even a 0.5 percentage‑point drag on yearly returns can shrink a pot by a tenth over 20 years, so it pays to test every fund against its benchmark.
- Compare 1, 3 and 5‑year returns with each fund’s stated benchmark.
- Identify chronic under‑performance that rising markets may be hiding.
- Switch laggards for funds that match your risk appetite and timeline.
- Ask your provider for the fund’s pounds‑and‑pence performance figure – not just a percentage.
Boost your pension, boost your future! Chat with our advisers who’ve helped thousands uncover lost pots and slash hidden fees.
2. Pension Fee Audit - Stop High Charges Eating Your Savings
Legacy schemes can levy four times the fees of modern workplace plans; dropping annual costs from 1 % to 0.25 % on a £50,000 pot can save nearly £18,000 over 20 years.
- List all platform, administration and fund‑management charges.
- Check for exit fees or higher charges if you stop contributing.
- Move to low‑cost providers without losing valuable guarantees.
- Exploit tiered‑fee rebates available on larger, consolidated pots.
3. Pension Pot Consolidation - Fewer Pensions, Less Hassle
Frequent job moves leave many savers with a trail of tiny pots; industry reports warn the number of “deferred” pots will pass 8 million by 2030 unless action is taken.
- Round up forgotten plans before fees erode them.
- View your whole retirement picture on one dashboard.
- Qualify for lower percentage charges on a larger single balance.
- Cut paperwork and reduce the chance of losing statements.
Ready to super‑charge your retirement income? Our trusted partners specialise in consolidating pensions and maximising growth – book your free review today.
4. Locate Lost Cash - Track Down Forgotten Pensions
Around 5 million pensions worth an estimated £3 billion are currently unclaimed in the UK. A review helps you use the free Pension Tracing Service to reclaim your money.
- Search schemes linked to old employers and personal plans.
- Request up‑to‑date valuations and transfer packs.
- Spot pots stuck in high‑cost default funds.
- Combine tiny balances to avoid multiple admin fees.
5. Maximise Tax Relief - Grab Every Government Top‑Up
Higher‑rate taxpayers must reclaim an extra 20 % of tax relief themselves – a review makes sure none is left on the table.
- Confirm the right tax band has been applied to all contributions.
- Use “carry‑forward” allowances to shelter one‑off lump sums.
- Check if salary‑sacrifice can boost take‑home pay and pension alike.
- Re‑run figures each April when allowances change.
6. Life‑Stage Alignment - Update for Major Changes
Marriage, children, divorce or a career leap all shift retirement targets; regular reviews keep your contributions and investment mix in step.
- Increase savings after pay rises to stay on track.
- Adjust growth/risk levels when responsibilities change.
- Reassess retirement age and desired income after life shocks.
- Confirm protection cover (eg, life assurance) still matches needs.
7. Risk & Time Horizon - Glide Safely Towards Retirement
As retirement nears, volatility hurts more; reviews ensure your portfolio de‑risks gradually instead of in a last‑minute panic.
- Shift from high‑growth equities to steadier assets over time.
- Use lifestyle or target‑date funds wisely – not blindly.
- Lock in gains with phased de‑risking rather than timing the market.
- Keep a cash‑buffer strategy for the first 2‑3 years of retirement.
Stop fees eating your nest‑egg! Schedule a quick fee audit with our pension pros and keep more of your money compounding for you.
8. Beneficiary & Estate Review - Keep Your Wishes Current
Your pension doesn’t automatically go to next of kin – only a current nomination form guarantees it.
- Update beneficiary forms after every marriage, birth or divorce.
- Explore bypass trusts or flexi‑access drawdown for heirs.
- Coordinate pensions with wills and life‑insurance cover.
- Review potential inheritance‑tax implications of lump‑sum benefits.
Here you can find out more about the importance of regular pension reviews.
Next Steps
If you’re considering a pension review, start by talking to a regulated pension specialist who can lay out your options in plain English and show how small changes today could boost your retirement income tomorrow.
Frequently Asked Questions
Q1. How often should I review my pension?
Most advisers recommend at least once a year, or after any major life event.
Q2. Will switching providers hurt my investment growth?
Transfers are made in cash, so you’re briefly out of the market. Good providers aim to complete moves within two weeks to minimise disruption.
Q3. Do I always need a financial adviser?
Not for simple tasks like updating a beneficiary, but professional advice is essential before transferring safeguarded benefits or large defined‑benefit pots.
Q4. What does a review cost?
Many providers offer a free initial assessment; ongoing advice typically ranges from 0.5 % to 1 % per year on assets under management.
Find lost cash, grow your pot! Trace forgotten pensions and roll them into a single, high‑performing plan – start your no‑obligation search now.
This article is for information purposes only and does not constitute financial advice. The suitability of any pension arrangement depends on your individual circumstances. Always seek regulated professional advice before making changes to your pension.
*https://www.ftadviser.com/pensions/2024/11/25/savers-let-down-as-workplace-pension-funds-underperform
