Reviewing your pensions every year should be a key part of your retirement planning; ensuing that you have sufficient funds in your pension pot to fund the retirement you deserve.

The first thing a pension review will do is help identify all the pensions you have paid into during your working life. With most of us having many jobs, it is perhaps unsurprising that there is some £400 million in pension pots currently unclaimed. If you do have an old pension which you have stopped paying in to, this will now be what is called a ‘frozen’ or ‘preserved’ pension. The pension pot will be still be growing but its performance may well be less than other schemes.

With all of your pensions identified a pension review will examine the schemes to give you a true picture of your retirement savings. Firstly, the review will identify what charges and fees you are paying, then review the short and long term performance of your pensions, before considering the appropriateness of the scheme for your needs.

Review complete the adviser will be able to give you an accurate picture of what you can expect in retirement and compare that with what you could achieve by moving some or all of your pension savings into a better performing fund.