• Ask your adviser to run a pension audit on your personal pension to check whether you are overpaying in charges and whether your funds are invested properly or if you are in an underprforming clumpy fund.

• Consider the advantage of a Sipp. A Sipp allows the adviser to pick from all the best funds in the market place to achieve the best growth rather than be restricted by clumpy insurance company managed funds many of which do not even outperform the stockmarket even though they charge more.

• If you are thinking of starting a pension, do so now. The first 5 years of contributions make all the difference. E.g. a 25 yr old paying just £50 per month would have over 38% more in their fund than someone who started at 30.Put another way if they had paid 3 times the amount in the first 5 years and stopped they would have a bigger penion than the person who paid for 40 years.

• Do not take the first annuity offered to you at retirement. Ask your adviser to prepare quotations with other companies at retirement for your annuity. Benefits are often enhanced, but also if you have reduced health or smoke, some companies will increase the income they give you.

• Since April 2006 it is no longer compulsory to purchase an annuity from the age of 75. A new form of income drawdown, known as alternative secured pension applies. If you're a retiree from an occupational scheme, you will need to move your funds into income withdrawal arrangements in the period to age 75 to have this option available.

• If you have a guarantee in your pension fund at retirement, check to see how you need to take your income in order to maintain the guarantee. In some circumstances the income guarantee is lost if you take your pension in any other way.

• Final salary based arrangements are not allowed to offer this facility and you will need to consider transfer of the capital value of your pension to alternative arrangements to have the option available. Specialist advice will be needed in this sector of the retirement market.

Feel free to contact us by calling 0845 230 9876 or by completing and sending the enquiry form.