Having selected a pension plan(s) you should review its progress on a regular basis to make sure you’re on track to meet your retirement goals in terms of final income and tax-free lump sum. If there’s a shortfall in your savings, the earlier you spot it the easier it will be to remedy.

Waiting until your retire before knowing what you will receive may be too late as you may find that you don’t have as much money in your pension as you expected, which  could also reduce the amount of tax-free money you are entitled to receive when you retire.

For advice on how to review your pension, follow this link.

Don't forget to check your State Pension expectation by using this State Pension Calculator.

Nearer the time (within 4 months) of your retirement, you can submit an on-line pension claim or request one from the Future Pension Service by phone here

A state pension statement gives you an estimate of the state pension you may get when you reach your state pension age, based on your National Insurance record as it stands when the statement is produced.  It also includes simple information that will help you understand what effect further qualifying years may have on the amounts shown on the statement. If you have not paid sufficient NI contributions you can make up the shortfall in order to receive the full amount of State Pension when you reach retirement age.

For ways to contact the Pension Services click here.

If, having checked all your current pension savings, you think you have a pension shortfall, follow this link to see what action you can take to address the shortage.

If you don’t already have a financial adviser, it may be a cost-effective option to start working with one. Always check the fees an adviser charges before agreeing to work with them.

To help you choose a Financial Adviser, click here

The Financial Conduct Authority (FCA) is a regulatory body in the United Kingdom that regulates the conduct of financial firms providing services to consumers including the regulation of consumer credit and maintains the integrity of the UK’s financial markets.

The FCA have brought in new rules, known as the Consumer Duty, which set a higher standard of consumer protection in financial services. The Duty means you should get: the support you need, when you need it. communications you understand. products and services that meet your needs and offer fair value.

Further information on the Consumer Duty is available at the following links:

Always  make sure that the financial adviser is regulated by the Financial Conduct Authority (FCA).

You can check this by looking on the FCA website.

Alternatively to find an advisor near you follow this link.

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