When you first set up a pension, whether through your employer or personally, it can feel like a huge tick in the box. But unlike setting up a dishwasher or booking a holiday, pensions aren’t something you can just “set up and forget.” They’re more like a long-term relationship: they need care, attention and regular check-ins to thrive.
One of the biggest reasons to review your pension regularly is that life changes. Career progression, salary increases, starting a family or buying a home can all affect what you want from retirement and what you’re realistically able to save. By revisiting your pension contributions as circumstances evolve, you make sure your savings stay aligned with your changing goals.
Another key part of pension care is making sure your investments still match your risk tolerance and timeline. When you first joined a pension scheme, you were often placed into a default investment fund – one that might not suit your comfort with risk or your retirement plans. Markets move, personal situations change, and investment vehicles that made sense ten years ago might not be right today. Regular reviews help ensure you’re not stuck in investments that don’t reflect your current needs.
Speaking of sticking points, many people end up with multiple pensions from different jobs over the years. These “forgotten” pots can sit dormant, quietly eating into your retirement savings through fees and underperformance. Consolidating pensions can cut costs and give you a clearer, more manageable view of your retirement picture – but it should be done thoughtfully, with an eye on benefits, fees and features that might be lost in the move.
Reviewing your pension isn’t just about growth and risk, it can also mean maximising tax benefits, ensuring you’re making full use of employer contributions, and keeping beneficiary information up to date. All these steps help you make the most of the money you’ve already saved while protecting it for the future.
Ultimately, a pension that’s been nurtured with regular attention is more likely to support the retirement lifestyle you imagine – whether that’s travelling, downsizing, supporting family, or simply enjoying time with loved ones.
When was the last time you gave your pension some attention? If it’s been a while, now could be the perfect moment to revisit your contributions, review your investments and talk with your adviser about next steps.
Sources
https://www.gov.uk/government/news/government-revives-landmark-pensions-commission-to-confront-retirement-crisis-that-risks-tomorrows-pensioners-being-poorer-than-todays
https://www.fca.org.uk/news/press-releases/millions-people-could-get-more-support-their-pensions-under-new-proposals
https://ifs.org.uk/articles/why-saving-pension-has-become-more-risky