How long does a pension review take?

It usually takes 1–2 weeks, depending on how quickly your pension providers supply the information we need.

What documents do I need for a pension review?

We typically ask for recent pension statements, your National Insurance number, and details of any old employers.

Pension Reviews: Why You Shouldn’t Ignore Your Old Pots

If you’ve had more than one job in your lifetime, chances are you’ve got more than one pension. In fact, it’s estimated that over 1.6 million pension pots in the UK are currently ‘lost’ — forgotten, unmanaged, and slowly eroding in value due to high fees or poor performance.

At Every Step Financial Services, we regularly help Halifax clients uncover and optimise old pensions. Here’s why reviewing your pensions is one of the smartest financial moves you can make — and how to go about it.

What Is a Pension Review?

A pension review is a thorough check-up of your existing pension arrangements. It involves:

Identifying all your pension pots (workplace and personal)
Reviewing their performance, fees, and risk level
Comparing them against your goals and retirement timeline
Making recommendations to optimise or consolidate

It’s like a health check for your retirement income.

Why Reviewing Your Pensions Matters

Pensions aren’t “set and forget” — and here’s why:

1. Lost Pensions = Lost Money

People change jobs frequently. If you’ve moved home or lost paperwork, some pots might not even be on your radar anymore.

Real-life example: Joanne in Halifax came to us with two known pensions. After a review, we found a third — worth over £20,000 — from a job she’d had in the early 2000s.

2. High Fees Eat into Your Retirement

Some older pensions charge annual fees of 1.5% or more. That may not sound like much, but over 20 years it can reduce your pension by thousands.

3. Poor Investment Performance

Your money should be working as hard as you do. Some pension funds underperform the market, dragging your savings down with them.

4. Too Much or Too Little Risk

Are you invested too aggressively or too cautiously? Your risk level should change as you get older or your goals evolve.

5. Misalignment with Retirement Goals

Your pensions might not support the lifestyle you’re aiming for. A review helps align your savings with your future income needs.

What a Pension Review Involves (Step-by-Step)

At Every Step, here’s how we typically conduct a review:

Step 1: Gather Your Pension Info We collect details of all your current and past pensions — including any you may have lost track of. We can help you use the UK Government Pension Tracing Service.

Step 2: Assess Fund Performance & Charges We look at how each pension is performing, its investment strategy, and how much it’s costing you each year.

Step 3: Review Risk Profile We assess whether your current investments match your risk appetite and retirement timeline.

Step 4: Forecast Future Income We model what income your pensions are likely to provide — and whether that matches your retirement goals.

Step 5: Recommend Actions We explain your options in plain English: consolidate, switch funds, leave as is, or increase contributions.

Should You Consolidate Old Pensions?

Often, yes — but not always.

Benefits of Consolidation

Easier to manage
Lower fees in modern plans
Better investment choice
One clear retirement income plan

But Watch Out For

Exit penalties
Loss of valuable benefits (e.g., guaranteed annuity rates)
Differences in tax-free cash entitlement

We only recommend consolidation if it improves your long-term outcome.

When to Get a Pension Review

You should consider a pension review if:

You’ve changed jobs multiple times
You’ve not looked at your pensions in 2+ years
You’re nearing retirement and want clarity
You’ve lost track of old pension pots
You’re unsure how much income your pensions will provide
You’re self-employed and unsure how your personal pension is performing

Local Insight: Halifax Pension Trends

We’ve helped clients across Halifax and West Yorkshire with pensions from:

Local government and NHS roles
Private sector employers with legacy defined benefit schemes
Self-employed professionals with SIPPs or stakeholder pensions
Workplace pensions left behind after career changes

FAQs

Q: Is it free to review my pension? A: Initial consultations with us are free. We’ll explain any fees clearly before any changes are made.

Q: Will I lose money if I move my pension? A: Only if the new plan performs worse or you lose valuable guarantees. We’ll assess this carefully first.

Q: Can I review my pension if I’m still working? A: Absolutely. In fact, it’s best to review while you’re still building your pot.

Q: How long does a review take? A: Typically 1–2 weeks, depending on how quickly providers respond.

Q: What documents do I need? A: Recent statements, National Insurance number, and details of any old employers can help.

Final Thought: Don’t Let Your Pension Drift

Ignoring your pensions means risking your future lifestyle. A review takes very little time — but can add thousands to your retirement income.

At Every Step Financial Services, we offer independent, FCA-regulated advice to help you:

Uncover hidden pots
Reduce fees
Align your savings with your goals
Maximise your future income

About Every Step Financial Services. This article was written by Every Step Financial Services, an independent, FCA-regulated financial advice firm based in Halifax, West Yorkshire. We help individuals and families make confident financial decisions across key areas such as retirement planning, savings and investments, mortgages, protection, and estate planning.

With a personal, jargon-free approach and in-depth knowledge of the local area, we’re here to support you through every stage of your financial journey.

Learn more at: www.everystepfs.co.uk

Need Expert Pension Advice? Speak to a trusted financial advisor at Every Step Financial Services today.

Every Step Financial Services Croft Myl, West Parade, Halifax, HX1 2EQ 01422 652300 | info@everystepfs.co.uk

FCA Regulated • Independent Financial Advice • Tailored, Local Support

Pension Reviews: Why You Shouldn’t Ignore Your Old Pots