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When did you last review your pension plan?

Despite the fact that pensions are in the news each and every day the moment, with more and more final salary schemes going out of business and pensioners struggling to survive on a state pension, many people have not even looked at their pension arrangements for some time.

It is vital that you review your pension plan on a regular basis, annually if possible, because ultimately if you maintain your premiums at the same level for a significant number of years it will actually be falling in real terms because of inflation. More and more people are now looking to increase their annual premiums by the rate of inflation which will give them a better chance of creating a significant pension pot when they retire.

When you review your financial affairs, again hopefully on an annual basis, it is vital that you take your pension arrangements into account. Taking the overall picture into account can lead to a number of tweaks and changes and from time to time and your finances may well need a complete overhaul as you approach a particular time of life.

Don't leave pension arrangements and financial affairs until just before your retirement because you may well be surprised to learn how little your investment fund is worth and how little a pension payment it would provide. To be forewarned is to be forearmed!

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