A few minutes today could make a surprising difference to the money you have in retirement. These seven checks may help you find missing pension savings, unlock employer contributions or stop unnecessary charges eating into your pot.
Important: the figures in this article are illustrations
Pension growth is not guaranteed and investments can rise or fall in value. Unless otherwise stated, our examples assume regular monthly investing, a 5% annual return after charges and no changes to contributions. Actual results will depend on investment performance, charges, tax rules and personal circumstances.
Pensions are easy to neglect. You start a new job, tick a few boxes, receive an annual statement and promise yourself you will examine it properly another day.
However, a pension is likely to become one of your largest financial assets. Small decisions made now may be repeated across 20, 30 or even 40 years, which means an overlooked employer contribution or an apparently modest annual fee can eventually make a substantial difference.
You do not have to become a pensions expert overnight. These seven quick checks can help you understand what you already have and identify areas that may need further attention.
1. Make Sure You Are Getting Every Penny Your Employer Will Pay
If you are enrolled in a workplace pension, both you and your employer will usually contribute. However, the minimum contribution is not necessarily the maximum amount your employer is willing to pay.
Some employers will match additional employee contributions up to a set limit. For example, an employer might pay 3% as standard but increase this to 5% or 6% when the employee raises their own contribution.
If you are contributing below that matching limit, you may be missing out on part of your employment package. That employer contribution is money you generally cannot reclaim through a larger salary unless your workplace specifically offers that alternative.
What could this check potentially be worth?
An extra £50 a month from your employer, invested for 30 years with an assumed annual return of 5% after charges, could grow to approximately £41,600.
Illustration only. Investment returns are not guaranteed and the result does not account for inflation.
Check your pension portal, employment contract or staff benefits guide. You can also ask payroll or HR:
“What is the maximum pension contribution the company will make, and how much do I need to contribute to receive it?”
Do not increase contributions without checking that your household budget can still cover essentials, debts and emergency costs.
2. Track Down Any Pension Pots You Have Lost
People change employers, move house and lose old paperwork. As a result, it is surprisingly easy to forget which company administered a pension from a job you left many years ago.
An old pension does not vanish simply because you have lost contact with the provider. It may remain invested, but the provider might not have your current address or contact details.
The free government Pension Tracing Service can help you find the contact details for an old workplace or personal pension scheme.
You will usually need the name of your former employer or pension provider. The service will not tell you whether you have a pension or how much it is worth, but it can tell you who to contact.
What could this check potentially be worth?
There is no standard figure because an old pot might contain £500, £5,000 or considerably more. The value of this check is the full amount of any pension you rediscover, plus any future growth.
Make a list of every employer you have worked for, including company names that may since have changed. Search old emails, payslips and P60s for pension provider details.
check whether it includes guaranteed annuity rates, protected tax-free cash, a protected pension age, exit penalties or other valuable benefits. Transferring is not automatically the right choice.
3. Find Out What Your Pension Is Actually Invested In
A defined contribution pension is normally invested rather than held entirely as cash. Depending on the fund, your money could be spread across company shares, government and corporate bonds, property, cash and other assets.
Many workers remain in the default fund selected when they joined the scheme. Default funds are designed to suit a broad range of members, but they are not tailored to every individual.
Log in to your pension account and look for wording such as “fund”, “investment choice”, “where your pension is invested” or “asset allocation”.
Check whether the level of risk appears suitable for:
- your age;
- the number of years before you expect to access the money;
- your attitude to investment risk;
- your other savings and pensions; and
- how you expect to take your pension.
What could this check potentially be worth?
It is impossible to attach a responsible fixed value to changing funds. A fund with greater growth potential could produce higher long-term returns, but it may also fall more sharply. The useful “win” is making an informed decision instead of remaining in a fund you have never reviewed.
a fund’s recent performance does not tell you what it will do next. Switching repeatedly after markets have moved can lock in losses and lead to poor decisions.
4. Check How Much Your Pension Is Charging You
Pension charges can appear small when shown as a percentage, but they are deducted repeatedly and can apply to a growing pot over many years.
Look for:
- an annual management charge;
- a platform or administration fee;
- underlying fund charges;
- transaction costs;
- adviser charges; and
- transfer or exit fees.
You may find these in your annual statement, fund factsheet or online pension dashboard. Ask the provider for the total annual cost in pounds and as a percentage if the documents are unclear.
Illustration: how a fee difference can grow
Imagine someone starts with £50,000, adds £300 a month and achieves 5% annual investment growth before charges for 30 years.
- After a 1% annual charge, the illustrative pot would be around £373,900.
- After a 0.3% annual charge, it would be around £440,500.
In this simplified example, the difference is approximately £66,600.
This does not mean the cheaper pension will necessarily perform better. Funds, services, guarantees and investment results can differ. Figures are rounded and do not account for inflation.
A lower charge can be beneficial when two options are otherwise comparable. However, do not transfer solely because one headline fee appears cheaper. Compare the investments, service and any protected benefits as well.
5. Check Who Would Receive Your Pension If You Died
Your pension beneficiary nomination, sometimes called an “expression of wish”, tells the pension scheme who you would like it to consider when paying death benefits.
This is particularly important after a major life change such as marriage, divorce, separation, bereavement or the birth of a child.
Pension trustees or providers may retain discretion over who receives the money, depending on the scheme, but an up-to-date nomination helps them understand your wishes.
What could this check potentially be worth?
The value could be the amount of your remaining pension death benefits. More importantly, updating your nomination can reduce uncertainty and administrative difficulty for the people you intended to support.
Log in to your provider’s website and search for “beneficiary”, “nomination” or “expression of wish”. Some schemes still require a paper form.
the treatment of unused pension funds and death benefits for Inheritance Tax purposes is due to change from April 2027. Estate and pension planning can be complex, so consider regulated advice where significant sums are involved.
6. Check How Much State Pension You Are on Track to Receive
Do not assume you will automatically receive the full State Pension. Your forecast depends on your National Insurance record and individual circumstances.
The official Check your State Pension forecast service can show:
- how much State Pension you may receive;
- when you may receive it;
- whether your forecast may improve; and
- whether gaps appear in your National Insurance record.
A gap does not always need filling, and paying a voluntary National Insurance contribution does not always increase your State Pension. Check the forecast and obtain guidance before sending money.
What could this check potentially be worth?
The value depends on your personal National Insurance record. Where an eligible contribution genuinely increases someone’s State Pension, the additional income may continue throughout retirement. However, not every gap increases entitlement, so check before paying.
You can separately use the official National Insurance record service to see contributions, credits and gaps.
voluntary National Insurance contributions are not automatically refundable simply because they fail to improve your forecast. Confirm that a payment will benefit you first.
7. See What Increasing Your Contribution by 1% Would Cost
Increasing a pension contribution by one percentage point can sound more expensive than it feels in your take-home pay because pension tax relief may reduce the net cost.
The precise impact depends on:
- your salary;
- which earnings your scheme uses;
- your tax band;
- whether the scheme uses net pay, relief at source or salary sacrifice; and
- whether your employer increases its contribution too.
What could an extra £25 a month potentially become?
Investing an additional £25 a month for 30 years with an assumed annual return of 5% after charges could produce approximately £20,800.
Illustration only. Returns are not guaranteed, figures are rounded and inflation would reduce the future spending power of the money.
Before making a permanent change, ask your pension provider or payroll team for an illustration showing what the increase would do to your expected take-home pay.
Some schemes also allow one-off additional contributions, which may suit people with irregular income better than a permanent monthly increase.
The 20-Minute Pension MOT
Set a timer and complete as many of these as possible:
- Check your employer’s maximum matched contribution.
- List every employer and pension provider you remember.
- Log in and identify your current investment fund.
- Find the total annual pension charge.
- Check your beneficiary nomination.
- View your State Pension forecast.
- Price the effect of increasing your contribution.
Why These Small Checks Can Matter So Much
Pensions reward consistency and time. A relatively small amount invested repeatedly may have decades in which to grow, while a recurring charge or missed contribution can also compound year after year.
The biggest opportunity may not come from finding a miraculous investment. It may come from correcting a simple oversight: an employer match you never claimed, an old pension you forgot, a beneficiary form that still names the wrong person or a State Pension forecast you had never checked.
None of these checks requires you to transfer a pension, select a risky investment or make an immediate financial commitment. They simply give you better information about one of your most important long-term assets.
“The most valuable pension action is often not a dramatic overhaul. It is finding out what you already have, what you are paying and whether you are collecting every contribution available.”
Before You Move or Combine a Pension
Finding several pension pots may make consolidation look appealing. Having one provider can be easier to manage and may reduce duplicate administration, but transferring can also mean surrendering valuable benefits.
Before moving money, check for:
- guaranteed annuity rates;
- defined benefit or final salary rights;
- protected tax-free cash;
- a protected pension access age;
- exit penalties;
- life insurance or other linked benefits; and
- differences in investment choice and total charges.
A transfer cannot always be undone.
Consider regulated financial advice before transferring a pension with guarantees, safeguarded benefits or a significant value.
Quick Pension Checklist
Can you answer yes to all seven?
☐ I know the maximum amount my employer will contribute.
☐ I have located every pension from my previous jobs.
☐ I know which fund or funds my pension uses.
☐ I know my total annual pension charges.
☐ My beneficiary nomination is up to date.
☐ I have checked my State Pension forecast.
☐ I know what a 1% contribution increase would cost me.
Frequently Asked Questions
How can I quickly improve my pension?
Start by checking your employer contribution, locating old pensions, reviewing charges and investments, updating beneficiaries and viewing your State Pension forecast. These checks provide information before you decide whether any changes are appropriate.
Can I find an old pension for free?
Yes. The government’s Pension Tracing Service can help you find the contact details of an old workplace or personal pension scheme. It does not confirm whether you have money in the scheme or tell you its value.
Should I combine all my pension pots?
Not necessarily. Combining pensions can make them easier to manage, but an older scheme may contain guarantees or protected benefits that would be lost following a transfer.
How do I check my State Pension?
Use the official GOV.UK State Pension forecast service. It can show how much you may receive, when you may receive it and whether there are potential ways to increase your forecast.
MoneyMagpie disclaimer
This article is for general information only and does not constitute personal financial, investment, tax or pension advice. Pension and tax rules can change, and the right approach depends on your circumstances.
Investments can fall as well as rise, and you may receive less than you contribute. Illustrative figures are not forecasts or guarantees and do not account for inflation unless stated.
Consider using Pension Wise, MoneyHelper or a suitably qualified and FCA-regulated financial adviser before making important pension decisions.
