Setting clear goals to review your pension

By this point in January most people will have already broken their New Year resolutions. I decided not to make any this year and save myself the annoyance of failing, especially when involving eating and drinking less! 

 

However, when it comes to my business resolutions or objectives, I have a clear structure for staying on track. 

Whether you call them resolutions, objectives or even setting your vision for 2025, keeping on track and holding yourself accountable (or working with a team of people who support you) in that process, will make an enormous difference. 

 

I have always booked in a quarterly marketing review meeting. this is where we look at areas such as, marketing efficiency, new business levels, new professional connections and either reset or re-energize for the next quarter. I would challenge anyone to remain 100% on track all year on every aspect of running a small business without reviewing plans. 

 

I would argue reviewing your pensions should also be on your review list. There are an estimated 33.7 million, age 16+, working in the UK and most of them will now have a pension (due to auto-enrolment). According to IBIS World in a report from September 2024, there are now 5,779 Financial Adviser Businesses in the UK. With over 40% of financial advisers expected to retire in the next 10 years (average age of UK advisers is around 58), there is an enormous challenge coming for consumers to be able to access quality, regulated advice 

. 

You would review your mortgage at the end of each term for the best deal, make sure your insurances are competitive. The same should apply to financial advice and reviewing your pension. 

Think about setting some financial goals as part of your resolutions this year and include reviewing your pension as part of that longer-term planning for financial resilience in your future.