Reading this weekend’s papers, they are full of speculation of possible changes to the pension saving regime encouraging people to think about taking appropriate action before the statement.

This is good advice for some – but needs to be coupled with the old adage act in haste and regret in leisure.

Remember your pension is going to be a major source of your income in retirement – you need to be actively engaged in the investment strategy – the risks, rewards and the costs.

Make sure the product any product is appropriate for your needs, get independent advice, avoid any unsolicited cold calls or postal shots.

Compounding over the long term really matters in pensions.

The difference in estimated return on a £100,000 pension pot with 0.25% pa fees versus 1.00% pa fees, is £70,000.

0.75% pa sounds like a small difference but the impact is huge (source FCA).