When was the last time you reviewed your pension fund? Are you getting suitable fund growth? Is the investment risk you are taking appropriate?

If you are not sure of the answer to any of these three questions the chances are that your pension pot is not going to provide you with the lifestyle you require, or expect, in retirement, especially if your preferred retirement age is approaching.

Research by Aon Consulting highlights how defined contribution pension funds have fallen over the past four weeks. The corollary of a poorly performing pension fund is a lower retirement income and therefore a failure to live a desired lifestlyle after decades of hard work.

The research is based upon a four week period only and pension funds will always be subject to short term volatility but the warning is clear: If you have not reviewed your pension fund in the past year and do not know how it is invested you risk not having a large enough pension income to satisfy your retirement goals.

To give your pension fund the best chance of providing the income in retirement you wish you should consider the following:

- Understand how much you need to contribute to a pension plan to provide an income in retirement that is acceptable to you.

- Start pension contributions sooner rather than later 

- Invest more heavily in equities when you are younger to benefit from their greater growth potential.

- As you approach retirement (say within five years) reduce the equity content of a portfolio and increase cash and fixed interest holdings.

- Diversify within each asset class. For equities this means investing not only in UK equities but North American, European, Far Eastern and Emerging Markets too.

- Unless you are an investment expert pay somebody to make the investment decisions for you; in other words, invest in funds rather than individual holdings.

- Review your pension fund annually to make minor changes to the portfolio as necessary.

- Assess whether your pension scheme is competitively charged.

- If in doubt, seek professional advice.

If you would like to have your pension fund reviewed click here.

Andrew Neligan is an award winning, Chartered & Certified Financial Planner who helps legal professionals achieve their financial goals through Financial Planning.

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