One of the first steps in maximising your retirement income is to review your current pension savings. Many people have multiple pensions from different employers, or they may have opted out of certain schemes in the past. Take time to:

• Consolidate Pensions: If you have more than one pension pot, consolidating them can make it easier to manage and potentially save on fees.
• Track Down Lost Pensions: If you’ve changed jobs frequently, you might have lost track of some pensions. Services like PensionPie offer forensic pension tracing to help locate lost pensions and get the most out of your savings.
• Review Your Contributions: Are you contributing enough to meet your retirement goals? Consider increasing your pension contributions, especially if your employer matches your payments.

As you’re still some years away from retirement, your pension investments can benefit from growth. Review your risk profile—those with a higher appetite for risk might consider more aggressive investments for higher returns. However, always:

Seek professional advice to ensure your investments are in line with your retirement goals.

Retirement might last longer than you think. Planning for a longer life means ensuring your pension savings can stretch. You could:

Delay taking your State Pension to receive higher payments.

Consider income drawdown options to manage your pension income more flexibly

One of the easiest ways to grow your pension is to contribute enough to get the full employer match. Many employers match pension contributions up to a certain percentage—this is essentially free money!

Tip: Check if you’re contributing the maximum amount your employer will match and adjust your payments if needed.

Making the most of your pension can be complex, but a financial adviser can help you with:

Tailored advice on contributions, investments, and withdrawal strategies.

Avoiding common pitfalls, like withdrawing too early or paying unnecessary fees.

Disclaimer:

The information in this article is for general guidance only and does not constitute financial advice. Always seek personalised advice from a qualified financial adviser before making decisions about your pension or investments. Past performance is not a reliable indicator of future results. Tax relief and pension benefits depend on your individual circumstances and may change in the future.