How often should I check my pension?

Planning for those golden years is a pretty critical financial goal, and a well-managed pension can keep you nice and cosy in your later years.

So, while we know it’s important to stay engaged with your pension plan, how often should you check in with it?

We know it can feel like daunting financial wizardry, but fear not – you don’t have to obsess over it. We’re here to help.

How often should I take a peek into my pension?

OK, so it’s not like you’re refreshing it on the daily like your social media.

There’s no right or wrong answer, but we’d suggest giving your pension a friendly check-in once every quarter (every three-ish months). It’s like doing a seasonal wardrobe audit, ensuring everything still fits and looks great.

This quarterly peek lets you stay updated without drowning in all the details. During these check-ins, it’s worth seeing if your contributions are on track with what you expected, and how your investments are behaving. It also helps you keep track of any mistakes, fees or discrepancies, too.

Quarterly reviews are frequent enough to be able adapt to changes in your personal or financial circumstances, but not too often to feel overwhelming.

What to look out for when doing a pension check-in

1. Contributions: Are you putting enough away for your ideal retirement? It’s a bit like meal prep: planning and making sure in advance that you’ve got enough stashed away to keep future-you happy. It’s important to adjust if there are changes in your earnings, or if your financial situation changes.

2. Investment performance: Is your money growing like you’d expect your favourite plant to? If your investment portfolio isn’t performing quite as you expected, it might need shaking up a bit. For example, are you invested in the right funds for your needs – or should you be taking more risk?

The right answer will vary depending on your individual circumstances so, for something as important as how much money you’ll have to live on in retirement, it’s a good idea to do your research. More information on choosing pension and investment options is available from MoneyHelper – a free, impartial, government-backed service. You could consider speaking to a financial adviser, too – but remember, there’s likely to be a charge for this.

3. Pension provider: Ever found a fee on a bill? It’s wise to check your provider’s charges and policies now and then to understand exactly how much your pension costs. All pension providers charge a small fee for looking after your money – and these will be different depending on the provider.

4. Regulatory changes: Any new government rules regarding pensions or tax you’ve heard of lately? Like being aware of new fashion trends, staying in-the- know can help you navigate your retirement planning strategy with style.

Treat yourself to an annual spring clean

Like with the trusty spring clean, if you have the time to, we’d recommend doing a thorough pension check (of both your retirement plan, and investments) annually.

Take yourself out for a fancy coffee and do a thorough review. Conduct a deep-dive of your pension plan – this could involve reconsidering your retirement goals, reviewing broader market trends, and possibly adjusting your investment strategy to fit your current needs.

You could consider chipping in to consult with a financial adviser to get their professional insight, too.

Making the most of helpful tools

We know that things change – it’s part of life, and it can throw you curveballs. So, you might want to consider checking in with your pension more frequently if you’ve changed jobs or pension providers recently. Similarly, if you’ve experienced financial hardship, too.

Make the most of available pension-tracking tools and platforms which can provide real-time information about your funds and performance. All-in-all, these could help you make informed decisions during your reviews – however often you decide to indulge in one.

MoneyHelper – a free, impartial government-backed service – has lots of helpful tools and advice on how to check your pension and the progress of your retirement savings (especially when it comes to your State Pension, too – don’t forget about that!). It also has a pension calculator – helping you forecast how much you might have when you retire.

Striking a balance that works for you and your life

Really, it’s all about finding a balance. Regular pension check-ups could help you glide towards your retirement goals without getting caught in the nitty-gritty, and feeling overwhelmed.

Stay informed, and reach out for advice when needed, but don’t stress too much –there really is no right answer. You could always talk to a financial adviser if you’re unsure, but there’s likely to be a charge for this.

After all, smart pension planning means you’re all set to enjoy your retirement, focusing on adventures and relaxation, not financial worries.