1.

Revisit existing pension plans

The charges on old pension plans may be very onerous.

2.

Lifestyle Planning

Reduce the equity content of your pension plans as you approach retirement.

3.

Salary Sacrifice

Speak to your employer about reducing your salary in return for an employers pension contribution-it will benefit him and it won’t reduce your take home pay.

4.

SERPS

SERPS ( or State Earnings Related Pension Scheme) now S2P (State Second Pension)-consider whether contracting out is still appropriate.

5.

BR19

The form you complete to get a forecast of what your state pension will be.

6.

Don’t give up on frozen pensions

Clients often refer to old pension plans as frozen-we call them preserved- because they should still grow if they are invested wisely.

7.

Don’t get too attached to your investment or pension company

It’s amazing how many clients are pleased, or displeased, with a particular company when really it is the fund the monies are invested in which is the critical factor.

8.

Don’t follow fashion!

How many people buy are influenced by headline past performance figures in newspapers.

9.

Consider pensions and ISA’s as core retirement vehicles

Both types of investment have key tax advantages over other savings plans.

10.

Review any endowment plans

It still amazes us that people continue with old endowment plans even when their mortgage has been paid off.

11.

Look at alternatives to savings and deposit accounts for long term investment

History shows us that equities and other asset classes perform better over medium or longer terms.

12.

Ensure protection policies meet your present day needs

Over the last few years, the costs of taking out life assurance has dropped considerably so your existing plan may neither be competitive nor appropriate.

13.

Closed pension funds

If you have a policy with a company which is not open to new business, you might find the funds investment potential is limited.

14.

Develop alternative strategies to compliment/augment pensions

Your state pension will not provide the amount you need in retirement. Your own pension will not provide the amount you need to retire on. Consider other investments i.e. premium bonds, national savings, ISA’s.

15.

Income & Expenditure Account

Work out how you spend your income now, and what you might need in retirement. Although it will give you a shock, it will also help identify how and where you need to invest your money.

16.

Don’t put off!

Don’t put off starting a pension plan for another year.

17.

Inheritance Audit

Always a tricky one- but get your parents to review how they have planned to pass down any inheritance.

18.

Use Trusts

If your life policy is written in trust, the proceeds are payable immediately. If not, you will have to wait for probate to be granted and that could take a long time.

19.

Don’t be an idiot!

If you are worried about asking idiot questions where you think you should know the answer-don’t- that’s what your adviser is there to do.

20.

Buy low-Sell high

How many people bought technology funds in 2000 attracted by the tremendous past performance figures which then plummeted thereafter.