Pensions Awareness Week: financial advisers share their top tips

London, 15 September 2025  

Unbiased, the UK’s leading financial advice platform, has asked a selection of financial advisers to share their top tips as Pensions Awareness Week kicks off today (15 September). 

Advisers were asked to share their useful tips on the six-step pensions challenge, outlined below. 

Challenge 1: Find out how much you’ve got in your pension

Lily Megson-Harvey, policy director at My Pension Expert, says: “Checking your pension balance is the first step to taking control of your retirement. 

“It’s often quicker and simpler than people think, and once you know where you stand, planning ahead becomes much less daunting. 

“Even if the figure isn’t as high as you’d like, it’s always better to know now rather than later.  

“Awareness gives you the power to make changes and build up your savings over time.” 

Luis Villar, wealth management partner at True Potential Wealth Management, adds: “To find out how much you’ve got in your pension(s), start by logging into each provider’s online portal to check your current balance, contributions, and projected retirement income.” 

Challenge 2: Gain control of any forgotten or old pensions 

“Tracking down old pensions is about more than recovering lost money; it’s about understanding the full picture of your retirement,” comments Kriss Brining, an independent financial planner from PenLife Associates. 

 “Each pot contributes to your financial future, but without reviewing them, you won’t know what benefits you might be missing or whether they’re still fit for purpose. 

“Some may no longer align with your goals, offer poor value, or lack flexibility. 

“Reconnecting with forgotten pensions helps you make informed decisions, build a clearer strategy, and shape the retirement you want. 

Matt Pike, a financial adviser at Opal Financial Planning, adds: “If you have a previous employer, you may have an old pension pot that you've forgotten about. 

“The government has a free 'Pension Tracing Service' you can use to track down contact details for pension providers, all you need to know is the name of your past employer. 

“I have met clients who don't want the hassle of trying to find a small value pension, but if you had a few thousand in a savings account, you would want access to it, and you never know what it might now be worth!” 

Challenge 3: Take stock  

Sam Hulson, managing partner at First Equitable, says: “If you have several pensions, it is very likely they will all be invested slightly differently, potentially at different risk levels and almost certainly performing varyingly. 

“The investment choices will also differ from scheme to scheme and potentially even the retirement options; for example, some older schemes won't facilitate drawdown. 

“There is a lot to consider here, and if you don't feel confident, this would be a good time to consider seeking some advice from an independent adviser to help you better understand things and formulate a suitable plan.”  

Gerry Davies, an independent financial adviser at Balance Financial Planning, adds: “Check what your workplace pensions are invested in and, importantly, whether 'lifestyling' is applied to them. 

“It probably is, as it's a regulatory requirement. Based on your retirement age, it automatically moves your pension money from what are referred to as higher-risk funds to lower-risk funds.  

“So, by the time you retire, all your money is in a ‘low risk’ fund. 

“What you're not told is, lower-risk funds tend to have lower growth. And at age 65, your pension money is likely to need to last another 20 years, maybe more! 

“So, depending on what assets you have elsewhere, a move to a lower growth fund that can't keep up with inflation may not be what you need.”  

Challenge 4: Work out how much pension you’re going to need

“Knowing how much you’ll need for retirement is the first step towards true financial freedom,” says James Wadsworth, a chartered financial planner at PenLife Associates. 

“Start by picturing the lifestyle you want, from everyday living costs to dream holidays, then put a number on it. 

“Many people underestimate what they’ll need, which can lead to shortfalls later. 

“Professional advice can turn guesswork into a clear plan, helping you maximise your pensions, reduce tax, and feel confident that your money will last as long as you do. 

Samuel Mather-Holgate, managing director at Mather and Murray Financial, adds: “A good financial adviser can help you track down lost pensions. This is a key first step. 

“They can also help with cash flow modelling, that will show what you are likely to get when you retire and if you need to make changes. 

“Finally, when the inevitable happens, it is key to plan for the next generation.” 

Challenge 5: Ask yourself, is this going to be enough?

Jordan Gillies, head of business development at Saltus, says: “Start by determining the retirement you want and consider everyday costs, travel, hobbies, or supporting family.  

“While some expenses may decline (like commuting), others will likely go up (like healthcare). 

“Compare your estimate against Pensions UK’s Retirement Living Standards, which outline what’s needed for different living standards. 

“Take your required annual income and divide it by 4% for a rough guide of the size of pot required, or by running scenarios using an online pension calculator. 

“This is imperfect, though: a financial adviser can create a detailed cash flow plan showing how income, spending and investments may change over time. 

“They’ll then adjust this regularly for inflation, markets, or shifting goals.” 

Paul Bartlett, senior adviser at Piccadilly Wealth Management, adds: “Stress test different scenarios to see how changes in markets or inflation might affect your income. 

“The earlier you review, the more time you have to take action to stay on track with your goals.” 

Challenge 6: Get your beneficiary form up to date 

“A beneficiary form (expression of wishes form) is essentially a pensions will,” says Sean Irwin, an independent financial adviser at Clarity Wealth Management. 

“It’s vital to complete as it is your voice from beyond the grave, stating explicitly who you would like to receive your hard-earned pension. 

“Pension providers’ trustees, when notified of your will, look for this document to pay out the benefits to whom you wish to receive the money; this can be more than one person or even a charity. 

“The best way to get this form is to contact your provider rather than an internet search, because you may complete the wrong scheme form.” 

Jeannie Boyle, director and chartered financial planner at EQ Investors, says: “You should be given the opportunity to fill in an expression of wishes form when you first start your pension, but if you didn’t do it at the time, you can complete one at any point.  

“You just need to request one from your adviser, pension provider, or platform.  

“We recommend that you review your letter of wishes whenever there’s a big family event and update it if necessary.” 

In summary 

Karen Barrett, founder of Unbiased, comments: 

“Pensions Awareness Week plays an important role in encouraging people to build their pensions and plan for the retirement they want after decades of hard work. 

“And yet, recent research by Unbiased has found 75% of working people don’t know the estimated value of their pension, and 26% don’t know how much they hope to live on annually when they retire. 

“Doing the pensions challenge is a great first step for people to take. 

“And if you’re not sure where to go from there, speaking with a professional financial adviser can help provide the additional clarity and structure you need.” 

About Unbiased   

Unbiased is an AI-enabled financial advice platform, empowering people to make confident financial decisions and delivering unrivalled growth for advice firms.  
  
With the greatest wealth transfer in history now underway, Unbiased connects people to trusted advice across pensions and retirement, inheritance planning, mortgages, accountancy, and more.  
  
The Unbiased platform applies advanced models trained on a rich dataset of user activity to intelligently match individuals with qualified advisers, providing the easiest and most reliable way to access financial expertise.  
  
Since 2009, Unbiased has generated over $100 billion in AUM opportunities for financial advisers, with 65% of prospects new to advice. Reaching more than 10 million consumers annually, it is the leading source of client demand in the industry.  
  
For more information, visit unbiased.co.uk.