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How often do you check your pension?

By February 5, 2024No Comments

How often do you check your pension?

Keeping a close eye on your pension helps you maximise your income in retirement and set yourself for success in later life.

Why do I need to look at my pension?

1

Changing priorities and circumstances

As the years pass, your personal and professional circumstances may change. For example, you might get a big pay rise at work or change careers. Or maybe you’ll get married and start a family. 

It’s therefore well worth taking a look at your retirement plan to see if it still reflects your current situation, and then make changes if necessary.

2

Making sure you're on track to achieve your goals

By checking your workplace pension regularly, you can see if you’re contributing enough to achieve the income and lifestyle you want in later life.

Find out more about what income you might need in retirement to meet your lifestyle goals here.

3

Maximise employer contributions

Many employers will match the amount you contribute to a workplace pension.

So if you review your pension and decide you can afford to contribute more than the bare minimum, you could get extra money from your employer, and therefore increase your retirement savings.

4

Keep up with changes in pension rules

Pensions can be subject to changes in legislation. For example, in 2023, the tax-free yearly allowance for pension pots rose from £40,000 to £60,000, after having been frozen for nine years. 

By staying up to date with any changes or updates, you’ll be able to respond accordingly and take steps to maximise your pension saving.

5

Gain peace of mind about the future

Regularly reviewing your pension gives you confidence and certainty that you’re working towards a comfortable retirement. 

This can make a huge difference to your life both, so you can enjoy today and make the most of tomorrow.

How often should I check my pension?

It’s a good idea to review your pension at least every 6 to 12 months.

Use the Creative Pension Trust Member Portal to review your pension details and make any changes.

Log in here
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