Make the most of your pension pot

If you don’t want to sleepwalk into a smaller pension, make sure you take the following steps to maximise your retirement income.

Take an interest in your pension

Those in company pensions and personal plans should take an active interest in where their money is invested. With markets in turmoil, you don’t want to be heavily exposed to equities in the run-up to retirement. Some pensions offer “lifestyle” funds, where money is gradually moved into bonds, gilts and cash as you near retirement. If you aren’t in one of these funds, you need to do this yourself. This may mean accepting lower returns, but it removes the risk of a catastrophic market correction wiping out a chunk of 20 years’ savings.

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