Saving for retirement: Pension charges could be ‘eroding’ your pot – biggest mistakes

Not taking advantage of employer range of benefits

Britons can access benefits relating to their pension through their employer, particularly via the auto-enrolment scheme.

Mr Cranwell said: “Since the introduction of auto-enrolment, many more people have access to a Workplace Pension Scheme, into which employers must contribute.

“While the number of people taking advantage of this is steadily increasing, there are still a significant number of people not doing so.

“Giving up part of your salary to boost your pension contribution can be a very effective method, and can have other knock-on benefits too for both employer and employee.”

Not reviewing performance of existing investments, or being aware of the true cost of their savings

Mr Cranwell continued: “The cost of a pension plan and the cost of the underlying investments can vary dramatically – high charges could be seriously eroding the value of your pension pot.

“Are you invested in the right place? If you are too conservative in your investment approach, you are unlikely to achieve your retirement goals.

“Consider professional advice: an adviser can identify suitable investments and plans, and will monitor ongoing suitability and performance – for a fee, naturally!”