For many people, their workplace pension is one of their most valuable financial assets, yet it is often one of the least understood. Pension Awareness Week provides an ideal opportunity to take a closer look at your retirement savings, check whether you're making the most of employer contributions, and review whether old pension pots are still fit for purpose. Research highlighted in Royal London Workplace Pensions Report 2025 found that many employees remain uncertain about how their pension works, where their contributions are invested and whether they are saving enough for retirement.

1.    Understand the Value of Your Workplace Pension

Your workplace pension is more than just another deduction on your payslip. In most cases:

• You contribute.
• Your employer contributes.
• Tax relief is added by the Government.

This means every pound you contribute is often boosted before it reaches your pension pot. Many employees underestimate the value of employer contributions, despite workplace pensions consistently ranking amongst the most valued employee benefits. 

Ensure that you are registered as a scheme member, and that you have all available service provider technology and applications available to you, set up. Most service providers offer user friendly, information and guidance rich tools, and applications, that will make things easier for you. 

2.    Are You Contributing Enough?

Auto-enrolment has been hugely successful in increasing pension participation, but minimum contributions may not necessarily deliver the retirement lifestyle you want.

Questions to ask yourself:

• Do I know what percentage I'm contributing?
• How much is my employer contributing?
• Am I receiving the maximum employer contribution available?
• Could I afford to increase contributions slightly?
• Will I have enough to be secure in retirement, and what should I be doing now?

Even a small increase today can have a significant impact over a 20- or 30-year period, depending on investment returns and individual circumstances. Many of the financial wellbeing sessions delivered by Titan show employees regularly seeking guidance around pension contributions and salary exchange arrangements.

There are two common ways tax relief on your pension contributions can be claimed:

• Relief at source – your pension provider claims 20% tax relief from the government.
• Net pay – your pension contributions are made before you're taxed, so you pay Income Tax on a lower income. 

If you pay into your pension using salary sacrifice, your contribution is treated as being made by your employer. This means you don’t get tax relief in the standard way. Instead, as you’ve given up a portion of your wages, you’ll likely pay less Income Tax and National Insurance by having a lower salary – often making your take home pay higher.
If you are uncertain, chat to your employer for further clarification, so that you understand better.

Useful resource:
•    Pension tax relief explained (MoneyHelper)

3.    Check Where Your Pension Is Invested

A surprising number of people know how much they contribute but have little understanding of where their pension is invested. Your investment strategy can have a significant impact on long-term outcomes.

Consider:

• Am I invested in the scheme default investment fund?
• Does my investment approach suit my retirement plans?
• Is there an investment (de)risk ‘glide path’ in the run up to my retirement age, and what does this mean to me?
• Have I reviewed my funds recently?
• Am I comfortable with the level of investment risk?

Research contained within Royal London Workplace Pensions Report 2025 found that many employees are still uncertain about how pension contributions are invested. 

4.    Have You Lost Track of Old Pension Pots?

Most people will change employers several times during their career. This often means accumulating multiple pension pots across different providers. Before considering consolidation, it is worth identifying:

• How many pensions you have.
• Who they are with.
• The current value of each pot.
• Whether your contact details are up to date, as well as your beneficiary details.

Useful resources:

• How to find old or lost pensions (MoneyHelper)
• Pension Tracing Service (GOV.UK)

5.    Should You Consolidate Your Pensions?

Pension consolidation can make retirement planning simpler, but it should never be seen as an automatic decision. Potential benefits include:

• Fewer pensions to keep track of.
• Easier retirement planning.
• Potentially lower overall charges.
• A more consistent investment strategy.

However, consolidation is not always appropriate. Before transferring any pension, review:

• Charges.
• Investment options.
• Exit penalties.
• Guaranteed benefits.
• Protected retirement ages.
• Guaranteed annuity rates.

Useful resources:

• Should I transfer or combine my pensions? (MoneyHelper)
• Transfer or combine defined contribution pensions (MoneyHelper)

6.    Look Ahead to Pension Dashboards

The pensions industry is preparing for the launch of ‘pensions dashboards’, which will eventually allow savers to view information about their pensions in one place. This is expected to improve engagement and make it much easier for individuals to locate and understand their retirement savings. 

Useful resource:
•    Pensions Dashboards Programme (Money and Pensions Service)

Your take-out ‘call to action’!

Pension Awareness Week is not about becoming a pensions expert overnight. It's about taking a few simple steps that could significantly improve your retirement outcomes.

This year, take time to:

1. Review your workplace pension.
2. Check your contributions.
3. Understand how your pension is invested.
4. Locate any lost pension pots.
5. Consider whether pension pot consolidation might be appropriate.
6. Ensure your retirement planning remains on track.
7. Seek guidance or advice where appropriate, to help improve your financial wellbeing.

A small amount of time spent reviewing your pension today could make a meaningful difference to your financial future.

Sources:
Royal London Workplace Pensions Report 2025

Important Information
This document is for information purposes only and does not constitute personal financial advice. If you are unsure about whether a particular course of action is suitable for you, we recommend that you seek independent financial advice.
 
The value of investments and the income from them can fall as well as rise, and you may get back less than you originally invested. Past performance is not a reliable indicator of future performance. Tax treatment depends on individual circumstances and may be subject to change in the future. Tax and estate planning outcomes are not guaranteed.
 
Titan Wealth Planning Ltd is authorised and regulated by the Financial Conduct Authority (FCA reference number: 574458). Registered address: 101 Wigmore Street, London, W1U 1QU, United Kingdom.