Keep an eye on your funds

If you plan to leave some of the money in your pension fund to your relatives, it is important to consider where it is invested.  Your money might be held in a fund which was automatically selected for you when you first signed up to the pension plan or it could simply be in funds you selected years ago and have never revisited.

If you are not intending to touch the money until late in retirement, if at all, you can afford to be slightly more adventurous in your choice of portfolio.  It is rare for investment funds to have reduced in value after a 20 or 30 year time period.

It is also worth checking what fees you pay as the annual management charges that fund managers apply, and the adviser fee that may be deducted, vary and could eat away at your savings.