We all visualize the retirement days of one’s life as the days when one can escape the hustle and bustle of the daily life and just sit back and relax. We all plan our retirement; some of us would plan it quite early in life, so that there is enough savings we can use during the retirement days, and others would plan it a little late.
You might have already opened a good pension account and decided on the right pension fund, but with the introduction of new schemes released by different banks, or financial companies you might want to upgrade your pension schemes.

Below is a list of things you can check while deciding on the pension schemes:

1. While you work with different employers, you have pension accounts with different insurance providers lying in your kitty. Perhaps you are one of them who, after working with a number of employers, would forget notifying the past companies, especially the insurance companies,  about any change of address (if moved house) or updating the your latest information with them. This result into these companies losing track of you and you losing out on the money you’re eligible to get. If you have experience such a situation, you can go back and trace such funds by contacting the Pension tracing service.
2. Every State offers you with certain pension schemes particular to the State including the Basic State Pension or any additional pension. You can embark upon such pension schemes and utilise it to your advantage.
3. There are several insurance companies which promise to offer you with reliable services but you can still run your own pension fund and manage it on your own.
4. You are in your 20’s planning your retirement; the one thing you would want to know is “how much should I be contributing towards the retirement scheme?.” The answer to this question may vary depending upon your financial status, your goals for retirement, and your future expenditure post your retirement. The more you save, the better you spend your retirement days!
5. There are employers who run a staff pension scheme within the organization. If you’ve decided not to join this group, think again! The staff pension schemes’ allow you to enjoy the pension benefits this organization has to offer.
6. There is no limit to the number of pension accounts you can open. There are voluntary pension schemes’, self invested personal pension, etc. where you can put your money and leave it to grow and rest until you retire.
7. There are numerous pension schemes that come with numerous tax benefits. Choose the schemes, you think, can earn you good pension earnings in the long run.
8. There are ways in which you can get into a mutual understanding with your employer to reduce your monthly salary by an amount that can be added and paid into your pension. Not only will this enable you to control your taxed amount on your salary but also keep your pension savings in high spirit.
9. If you carry forward your monthly salary or part of it to the next year, instead of cutting down on your monthly remuneration, you can accumulate more money in the pension fund in that particular year. And thus the objective of carry forward is to increase your pension fund contributions of that year.
10. Sometimes the pension schemes are also affected by the government decisions. Depending upon the fiscal behaviour of one year, government might make changes to their policies impacting various areas, pension funds (for that matter). You might find out that your pension scheme is giving you lesser returns than what was promised.