Step 1: Gather All Your Pension Information

• Workplace pensions: Ask your HR team or check your payslips/portal.

• Personal pensions/SIPPs: Look through your personal financial records.

• State Pension: Check your forecast via the Gov.uk State Pension Forecast Tool.
  

✅ Tip: Set aside time — this can take a few hours but it's crucial!

Step 2: Trace Any Old or Forgotten Pensions

• Use the free Pension Tracing Service on Gov.uk.

• Look back at previous employers and financial paperwork.

• Contact providers to update your personal details if necessary (especially if you've moved house).
  

✅ Tip: Over 1.6 million pensions are "lost" in the UK — worth checking!

Step 3: Review Your Current Contributions

• Minimum automatic enrolment is 5% employee + 3% employer = 8% total.

• Some employers match more if you increase your contribution (e.g., up to 10–15%).
  

✅ Tip: Always check if your employer offers contribution matching. It’s FREE money!

Step 4: Review Your Pension Investments

• Funds: Are you in the default "lifestyle" fund? Or actively chosen funds?

• Risk levels: Younger employees can often take higher risk (growth funds); older employees may prefer lower risk (bond-heavy or pre-retirement funds).

• Performance: Look at 5-year and 10-year returns, not just 1-year blips.
  

✅ Tip: Default funds are OK, but not always best. You might be missing out on better options.

Step 5: Check Your Pension Charges

• Look for:

  • Annual Management Charge (AMC) (typically 0.2%–1.0%)

  • Fund charges (can be hidden inside)

  • Platform fees (if you hold a SIPP)
    

✅ Tip: A 1% fee can wipe out over 25% of your pension growth over 30 years!

Step 6: Review State Pension Entitlement

• Get your forecast: How much will you receive at State Pension age (currently 66, rising to 67-68)?

• Check for National Insurance gaps.

• Consider voluntary NI contributions if you have missing years and can afford to plug gaps.
  

✅ Tip: Buying missing NI years can often give a guaranteed 8–10%+ return, better than most investments.

Step 7: Decide Whether to Consolidate Pensions

• Pros:

  • Easier to manage

  • Possibly lower fees

  • Better fund choices

• Cons:

  • Loss of guaranteed benefits (e.g., old final salary or with-profits bonuses)

  • Exit fees (for older pensions)
    

✅ Tip: Only consolidate after checking if you lose valuable benefits. Use services like PensionBee or speak to a financial adviser for complex cases.

Step 8: Set Up an Annual Pension Review Habit

• Once a year:

  • Check contribution %s.

  • Check investment performance and risk alignment.

  • Check your beneficiaries (Expression of Wish form).

  • Update contact details with all providers.
    

✅ Tip: Set an annual reminder on your birthday or New Year — make it a tradition!

SUMMARY

Reviewing your pensions regularly helps you stay in control, maximise free employer contributions and tax relief, and avoid losing money through poor investments or high charges.

Check all your pensions — workplace, personal, and state — and think carefully about consolidating old pots for easier management. Boosting your contributions earlier rather than later, understanding your risk level, and making sure you're invested appropriately for your age and goals can dramatically improve your retirement income.

Small tweaks today can add up to thousands or even tens of thousands over the long run.