The pension mistake millions make every year – and why you shouldn’t wait until March to fix it
Vicky Parry
2 June 2026
Study Time: 6 minutes
Forgotten pension pots, unnecessary fees and tax evasion can cost savings. Jasmine Birtles explains why now is the best time to give your retirement savings a health check rather than waiting for the March tax year.
When was the last time you took a good look at your pension?
If your answer is “I don’t remember”, you are definitely not alone. Pensions are one of those financial tasks that many of us know we have to deal with, but somehow keep getting pushed to the bottom of the list.
The problem is that “another day” can quickly turn into another year.
And while many people tend to think about pensions towards the end of the tax year in March, there are very good reasons why now might be the best time to get your retirement savings on track.
“One of the biggest financial mistakes people make is thinking they have too much time to think about their pension,” says MoneyMagpie founder Jasmine Birtles. “The truth is that a few hours spent getting organized now can make a real difference to your future finances.”
Are you missing out on your pension?
You would forget to save for a pension if:
- He has changed jobs more than twice
- You have moved house since joining the pension scheme
- It’s been a year since you updated your pensions
- You don’t know how many pension pots you have
- You have not checked your pensioners recently
If you have ticked two or more of these, now would be a good time to review your pensions.
Why people leave pension plans until March
Every year there is a rush of financial activity as the end of the tax year approaches on April 5th.
People use ISA allowances, make last-minute pension contributions and try to organize their finances before the deadline.
The problem is that pension providers, financial advisors and investment platforms know this. March and early April are usually among the busiest times.
That can mean longer wait times, management delays and less opportunity to consider your options carefully.
“March can be one of the busiest times in the financial calendar,” says Jasmine. “If you leave everything until the last minute, you make important decisions when suppliers are very busy and when you may be in a hurry.”
Pensions are too important to be left on the dash at the last minute.
You may have more pensions than you think
One of the biggest pension issues facing UK workers today is the rise of forgotten pension pots.
As a result of automatic enrolment, the majority of workers are enrolled in an occupational pension scheme. Every time you change jobs, you are more likely to leave another pension behind.
In the course of work, it is not uncommon to create several pension pots at different workplaces and providers.
“People are often surprised when they find out how many pensions they have received,” said Jasmine. “I’ve talked to students who have discovered thousands of pounds that they had completely forgotten about.”
Jasmine’s three-step pension MOT
- Get all the pension pots you have. Look at old documents, previous employers and pension statements.
- Review costs and performance. Small investments can make a big difference in the long run.
- Consider whether consolidation would help. Consolidating pensions can make things easier, but check the key guarantees first.
First step: find your pension pots
Start by making a list of all the employers you have worked for and whether you were registered for a workplace pension.
Grab the old papers if you still have them. Check payslips, employment records and annual pension statements.
If you’ve lost track of the original, the Government Pension Tracing Service can help you find contact details for pension schemes linked to former employers.
You may have to do a little detective work, but it’s usually worth the effort.
Step two: check how much you’re paying
Once you’ve tracked your pension, keep a close eye on your expenses.
Many older pension schemes can carry higher premiums than more modern ones. A difference of even 1% per year may not sound like much, but over the decades it could significantly reduce your retirement savings.
“People tend to focus entirely on how much they have saved,” says Jasmine. “But charges are also important. A pension that quietly eats up your savings with high costs can have a huge impact on your retirement savings.”
You should also look at the performance of the investment, the choice of fund available and the level of service provided.
Step three: consider the combination carefully
For many people, consolidating multiple pensions into one pot can make life a lot easier.
Instead of getting statements from several providers, you have one account to monitor. You can easily see how much you are saving and where you are on your way to retirement.
However, integration is not automatically the right answer for everyone.
Some older pensions have important guarantees or benefits that can be lost if they are transferred. Others may have competing names to keep.
“Consolidation can be a smart way to simplify your finances,” says Jasmine. “But it’s important to check the details first. Sometimes old pensions have features you should hold on to.”
Common pension mistakes to avoid
- Losing track of old workplace pensions
- If we think that the State pension will be enough
- Ignoring pension costs
- Leaving everything in a fixed investment fund without checking if it’s worth it
- I forgot to update your pension beneficiaries
- Waiting until late retirement before reviewing your savings
- Leaving pension decisions until the March tax year
Check if you are saving enough
Getting your pension is part of the battle.
You should also ask if you are contributing enough to achieve the retirement life you want.
Most people contribute only the minimum amount needed for work programs. While that is certainly better than nothing, it may not be enough to provide the retirement income they are hoping for.
Even a small increase in donations can make a big difference in the long run due to compound growth.
“If you increase your pension early, your money will work harder for you,” said Jasmine. “That’s why waiting another year rarely makes financial sense when you can do something now.”
Don’t forget the tax benefits
Pensions remain one of the most tax-efficient ways to save for the future.
For basic rate taxpayers, every £80 contributed goes up to £100 in your pension. Higher rate taxpayers may be able to claim more relief.
By reviewing your pension plans now, you give yourself plenty of time to decide whether additional contributions before the end of the tax year make sense.
Why your workplace pension is important
Even a full State pension may not be enough to provide the way many people want when they retire. For many workers, occupational and private pensions will play an important role in helping to maintain their standard of living later in life.
That’s why it’s important to know where your pension is, how much it is and whether it’s working hard.
One thing people often forget: beneficiaries
Another quick but important pension task is to check who will receive your pension benefits when you die.
“Something that many people forget is to check who will receive the pension when they die,” said Jasmine. “Marriage, divorce, children and family changes can all affect who you want your pension benefits to go to.”
Checking your pension eligibility only takes a few minutes, but it can make a big difference to the people you care about.
Why is acting now beat waiting until March
There is no reward for leaving retirement planning until the last minute.
By starting now, you will have time to find old pension pots, review charges, consider consolidation, increase contributions if appropriate and get help if you need it.
Most importantly, you will be making decisions calmly rather than rushing to meet a deadline.
“People spend more time researching their next vacation than they do looking at their pensions,” said Jasmine. However your pension could be worth hundreds of thousands of pounds. Taking a quick health check today can be one of the most beneficial things you do all year.”
An important point
Your pension is likely to be one of the largest financial assets you will ever have, yet it is often one of the least reviewed.
Spending a little time on it now can help you find savings you’ve forgotten about, cut unnecessary expenses and put yourself on a strong path to retirement.
Don’t wait until March. Your future self will thank you for exploring today.
Frequently Asked Questions: adjusting your pensions
How do I find old pension pots?
If you have changed jobs several times, you may have pensions with different providers. Start by looking at old documents, pension statements and employment records. You can also use the Government’s Pension Tracking Service to find contact details for schemes linked to former employers.
Is it worth combining pension pots?
Consolidating pensions can make managing your retirement savings easier and can reduce administration. However, some older pensions include important guarantees or benefits that may be lost if you transfer them, so check carefully first.
What happens to my pension if I change jobs?
Your pension usually stays with the existing provider when you leave the employer. You usually don’t lose money, but you will need to keep your contact information updated and monitor it separately.
Can I lose my pension if I don’t keep track of it?
You usually won’t lose your pension savings, but it can be difficult to find if you’ve moved house or changed jobs several times. This is why you should review your pensions regularly.
Should I increase my pension contributions?
If your budget allows, increasing your pension contributions can help increase your retirement income. Thanks to tax exemptions and long-term investment growth, even a small increase can make a big difference in the long run.
What tax relief do I get from my pension?
Basic rate taxpayers effectively get £20 of tax relief for every £80 contributed, meaning £100 goes into their pension. Higher rate taxpayers may be able to claim more relief.
When should I review my pension?
It’s a good idea to check your pension at least once a year, and after changing jobs, getting a pay rise, approaching retirement or making major financial changes.
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