Pensions

The pension mistake millions make every year – and why you shouldn’t wait until March to fix it

Vicky Parry 2nd Jun 2026 No Comments

Reading Time: 6 minutes

Forgotten pension pots, unnecessary fees and missed tax relief could all be costing savers money. Jasmine Birtles explains why now is the ideal time to give your retirement savings a health check rather than waiting for the March tax-year rush.

When was the last time you properly looked at your pensions?

If your answer is “I can’t remember”, you’re certainly not alone. Pensions are one of those financial jobs many of us know we should tackle, but somehow keep pushing to the bottom of the list.

The problem is that “another day” can quickly turn into another year.

And while many people traditionally think about pensions towards the end of the tax year in March, there are very good reasons why now may actually be the best time to get your retirement savings in order.

“One of the biggest financial mistakes people make is assuming they have plenty of time to think about their pensions,” says MoneyMagpie founder Jasmine Birtles. “The truth is that a couple of hours spent getting organised now could make a real difference to your future finances.”

Could you be missing pension money?

You could have forgotten pension savings if:

You have changed jobs more than twice
You have moved house since joining a pension scheme
You have not reviewed your pensions in over a year
You do not know how many pension pots you have
You have not checked your pension beneficiaries recently

If you have ticked two or more of these, now could be the perfect time to review your pensions.

Why people leave pension planning until March

Every year there is a rush of financial activity as the tax year end approaches on April 5.

People use up ISA allowances, make last-minute pension contributions and try to organise their finances before the deadline.

The trouble is that pension providers, financial advisers and investment platforms know this too. March and early April are often among their busiest periods.

That can mean longer waiting times, admin delays and less opportunity to properly consider your options.

“March can be one of the busiest times in the financial calendar,” says Jasmine. “If you leave everything until the last minute, you’re making important decisions when providers are at their busiest and when you’re more likely to rush.”

Pensions are simply too important to be left to a last-minute dash.

You might have more pensions than you think

One of the biggest pension issues facing UK workers today is the rise of forgotten pension pots.

Thanks to automatic enrolment, most employees are enrolled into a workplace pension scheme. Every time you change jobs, there is a good chance you leave another pension behind.

Over the course of a career, it is not unusual to build up several workplace pension pots with different providers.

“People are often surprised when they discover how many pensions they have actually got,” says Jasmine. “I’ve spoken to readers who have uncovered thousands of pounds they had completely forgotten about.”

Jasmine’s three-step pension MOT

Find every pension pot you have. Check old paperwork, previous employers and pension statements.
Review charges and performance. Small fees can make a big difference over time.
Consider whether consolidation could help. Combining pensions may simplify things, but check for valuable guarantees first.

Step one: find your pension pots

Start by making a list of every employer you have worked for and whether you were enrolled in a workplace pension.

Dig out old paperwork if you still have it. Check payslips, employment records and annual pension statements.

If you have genuinely lost track, the Government’s Pension Tracing Service can help you find contact details for pension schemes linked to previous employers.

You may need to do a little detective work, but it is usually worth the effort.

Step two: check how much you are paying

Once you have tracked down your pensions, take a closer look at the charges.

Many older pension schemes can carry higher fees than modern alternatives. A difference of even 1% a year might not sound dramatic, but over decades it can significantly reduce the amount you eventually retire with.

“People often focus entirely on how much they have saved,” says Jasmine. “But charges matter too. A pension that is quietly eating away at your savings through high fees can seriously affect your retirement income.”

You should also look at investment performance, available fund choices and the level of service being provided.

Step three: consider consolidation carefully

For many people, consolidating multiple pensions into one pot can make life much simpler.

Instead of receiving statements from several providers, you have one account to monitor. You can more easily see how much you are saving and whether you are on track for retirement.

However, consolidation is not automatically the right answer for everyone.

Some older pensions contain valuable guarantees or benefits that could be lost if transferred. Others may have particularly competitive terms that are worth preserving.

“Consolidation can be a brilliant way to simplify your finances,” says Jasmine. “But it’s important to check the details first. Sometimes older pensions have features that are worth holding on to.”

Common pension mistakes to avoid

Losing track of old workplace pensions
Assuming the State Pension will be enough
Ignoring pension charges
Leaving everything in the default investment fund without checking it suits you
Forgetting to update your pension beneficiaries
Waiting until retirement is close before reviewing your savings
Leaving pension decisions until the March tax-year rush

Check whether you are saving enough

Finding your pensions is only half the battle.

You also need to ask whether you are contributing enough to achieve the retirement lifestyle you want.

Many people contribute only the minimum required through workplace schemes. While that is certainly better than nothing, it may not be enough to provide the retirement income they hope for.

Even increasing contributions by a small amount can make a significant difference over the long term thanks to compound growth.

“The earlier you increase your pension contributions, the harder your money can work for you,” says Jasmine. “That’s why waiting another year rarely makes financial sense if you can afford to act now.”

Do not forget the tax benefits

Pensions remain one of the most tax-efficient ways to save for the future.

For basic-rate taxpayers, every £80 contributed is topped up to £100 in your pension. Higher-rate taxpayers may be able to claim additional relief.

By reviewing your pension arrangements now, you give yourself plenty of time to decide whether extra contributions before the end of the tax year make sense.

Why your workplace pension matters

Even a full State Pension may not be enough to provide the lifestyle many people want in retirement. For most workers, workplace and private pensions will play a crucial role in helping maintain their standard of living later in life.

That is why it is so important to know where your pensions are, how much is in them and whether they are working as hard as they could be.

One thing people often forget: beneficiaries

Another quick but important pension task is checking who would receive your pension benefits if you died.

“One thing many people forget is to check who would receive their pension if they died,” says Jasmine. “Marriage, divorce, children and family changes can all affect who you want your pension benefits to go to.”

Checking your pension beneficiary nomination only takes a few minutes, but it can make a huge difference to the people you care about.

Why acting now beats waiting until March

There is no prize for leaving pension planning until the last minute.

By starting now, you will have time to find old pension pots, review charges, consider consolidation, increase contributions if appropriate and get help if you need it.

Most importantly, you will be making decisions calmly rather than rushing to meet a deadline.

“People spend more time researching their next holiday than they do checking their pensions,” says Jasmine. “Yet your pension could be worth hundreds of thousands of pounds. Giving it a quick health check today could be one of the most profitable things you do all year.”

The bottom line

Your pension is likely to be one of the biggest financial assets you will ever own, yet it is often one of the least reviewed.

Spending a little time on it now could help you uncover forgotten savings, reduce unnecessary fees and put yourself on a stronger path towards retirement.

Do not wait until March. Your future self may thank you for checking today.

FAQs: sorting out your pensions

How do I find old pension pots?

If you have changed jobs several times, you may have pensions with different providers. Start by checking old paperwork, pension statements and employment records. You can also use the Government’s Pension Tracing Service to find contact details for schemes linked to previous employers.

Is it worth combining pension pots?

Combining pensions can make it easier to manage your retirement savings and may reduce admin. However, some older pensions include valuable guarantees or benefits that could be lost if you transfer them, so check carefully first.

What happens to my pension when I change jobs?

Your pension usually stays invested with the existing provider when you leave an employer. You do not normally lose the money, but you will need to keep your contact details updated and monitor it separately.

Can I lose my pension if I do not keep track of it?

You usually will not lose your pension savings, but it can become harder to find if you have moved house or changed jobs several times. That is why it is worth reviewing your pensions regularly.

Should I increase my pension contributions?

If your budget allows, increasing pension contributions can help boost your retirement income. Thanks to tax relief and long-term investment growth, even small increases can make a big difference over time.

What tax relief do I get on pension contributions?

Basic-rate taxpayers effectively receive £20 of tax relief for every £80 contributed, meaning £100 goes into their pension. Higher-rate taxpayers may be able to claim additional relief.

When should I review my pension?

It is sensible to review your pensions at least once a year, as well as after changing jobs, getting a pay rise, approaching retirement or making major financial changes.

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