When it comes to pension it is something that I have generally just run with and tried to forget about how much I am actually putting away. So is it time for me to have a pension review?

Currently I am fixed into paying approximately 24% of my income into my company pension. But, I know I can opt out whenever I want or need too. To be honest is does cripple my take home pay! However, it’s important to always get financial advise. This will ensure you are doing the best for your future when accessing your financial planning. Me personally I like to conduct a bit of research myself so I know what a specialist is talking about.

The last time I discussed this with my accountant he suggested I started browsing SIPP pensions in the UK to see what options are out there in order to compare to the benefits I currently have access to.

But first to start with the basics, what is a SIPP?

From my quick research a SIPP stands for self-invested personal pension. These are pensions that we can control ourselves, a DIY type of product. This means you can pick and choose where to invest your money, rather than leaving it to your pension company. But remember with any investments they can go up or down depending on the market! There are a whole range of investment opportunities but the key factor is you have to be confident in your own investment decisions. Along with your confidence it could well be advised to have a professional on hand too, just in case you need that little extra helping hand.

How much will a Pension Review Cost?

The last time I was offered a review it would have cost £1000. For me that is too much up front expense to justify. I have since found of that I can get free financial advice via one of the insurances I have for my business. So if you are self employed or run your own company it is well worth checking with your sickness insurance providers to see if they offer this type of perk!

After writing this I am even more uncertain if I should continue to put money away into my investment pot. Perhaps I should be booking that financial review that little earlier than I planned! What concerns me the most is making sure that any investment I have made comes back. Whether that be to me, my wife or children.