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When did you last review your personal pension?

Company pension schemes and personal pension schemes are two subjects which we are set to hear more about in the short, medium and longer term as the cost of living continues to rise and the UK state pension comes under yet more pressure. So when was the last time you reviewed your own personal pension?

While more people than ever before now have personal pension arrangements in place to assist with life after retirement, many people forget to review their pensions on an annual basis. If you started with for example a £100 contribution each month say five years ago, which would obviously increase when your tax is reclaimed, then the one hundred pound which you are investing will have fallen in value in real terms because of inflation. Many people forget to take inflation into account and many pension advisers believe you should at least increase your contributions by the rate of inflation on an annual basis.

While a 2% or 3% increase in your contribution may not sound like an awful lot in the short term, when you consider that you could be paying into your personal pension for up to 40 years and beyond it can begin to have an impact upon your pension arrangements.

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