{"id":18702,"date":"2025-11-25T04:48:29","date_gmt":"2025-11-25T04:48:29","guid":{"rendered":"https:\/\/lotayamedia.xyz\/?page_id=18702"},"modified":"2025-11-25T04:48:29","modified_gmt":"2025-11-25T04:48:29","slug":"5-costly-pension-mistakes-youre-making-now-and-how-to-fix-them","status":"publish","type":"page","link":"https:\/\/lotayamedia.xyz\/?page_id=18702","title":{"rendered":"5 Costly Pension Mistakes You&#8217;re Making Now (And How to Fix Them)"},"content":{"rendered":"<p><img class=\"Sirv\" data-src=\"https:\/\/chartakelay.sirv.com\/Images\/24%2011\/p.jpg\" alt=\"\"><br \/>\n<script src=\"https:\/\/scripts.sirv.com\/sirvjs\/v3\/sirv.js\"><\/script><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lotayamedia.xyz\/wp-content\/uploads\/2025\/11\/3333.jpg\" alt=\"\" width=\"861\" height=\"591\" class=\"alignnone size-full wp-image-18425\" srcset=\"https:\/\/lotayamedia.xyz\/wp-content\/uploads\/2025\/11\/3333.jpg 861w, https:\/\/lotayamedia.xyz\/wp-content\/uploads\/2025\/11\/3333-300x206.jpg 300w, https:\/\/lotayamedia.xyz\/wp-content\/uploads\/2025\/11\/3333-768x527.jpg 768w, https:\/\/lotayamedia.xyz\/wp-content\/uploads\/2025\/11\/3333-800x549.jpg 800w\" sizes=\"auto, (max-width: 861px) 100vw, 861px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lotayamedia.xyz\/wp-content\/uploads\/2025\/11\/\u1042\u1042\u1042\u1042.png\" alt=\"\" width=\"2560\" height=\"517\" class=\"alignnone size-full wp-image-18424\" srcset=\"https:\/\/lotayamedia.xyz\/wp-content\/uploads\/2025\/11\/\u1042\u1042\u1042\u1042.png 2560w, https:\/\/lotayamedia.xyz\/wp-content\/uploads\/2025\/11\/\u1042\u1042\u1042\u1042-300x61.png 300w, https:\/\/lotayamedia.xyz\/wp-content\/uploads\/2025\/11\/\u1042\u1042\u1042\u1042-1024x207.png 1024w, https:\/\/lotayamedia.xyz\/wp-content\/uploads\/2025\/11\/\u1042\u1042\u1042\u1042-768x155.png 768w, https:\/\/lotayamedia.xyz\/wp-content\/uploads\/2025\/11\/\u1042\u1042\u1042\u1042-1536x310.png 1536w, https:\/\/lotayamedia.xyz\/wp-content\/uploads\/2025\/11\/\u1042\u1042\u1042\u1042-2048x414.png 2048w, https:\/\/lotayamedia.xyz\/wp-content\/uploads\/2025\/11\/\u1042\u1042\u1042\u1042-800x162.png 800w, https:\/\/lotayamedia.xyz\/wp-content\/uploads\/2025\/11\/\u1042\u1042\u1042\u1042-1160x234.png 1160w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><br \/>\nAre These Pension Errors Costing You Thousands?<br \/>\nPension experts Lisa Picardo (PensionBee) and Claire Trott (St. James\u2019s Place) reveal the top 5 pension mistakes that could leave you with less retirement income than you expect.<\/p>\n<p>1. Losing Track of Old Pension Pots<br \/>\n\u274c The Mistake: Forgetting about pensions from past jobs<br \/>\n\ud83d\udca1 Why It\u2019s Bad:<\/p>\n<p>4.8 million UK pensions are &#8220;lost&#8221; (PensionBee research)<\/p>\n<p>Multiple small pots = higher fees &#038; harder to manage<br \/>\n\u2705 The Fix:<br \/>\n\u2714 Consolidate pensions into one pot<br \/>\n\u2714 Use the Pension Tracing Service (Gov.uk link)<\/p>\n<p>2. Missing Out on Free Employer Contributions<br \/>\n\u274c The Mistake: Not maximizing workplace pension matching<br \/>\n\ud83d\udca1 Why It\u2019s Bad:<\/p>\n<p>Employers often match extra contributions (free money!)<\/p>\n<p>Missing this is like turning down a pay rise<br \/>\n\u2705 The Fix:<br \/>\n\u2714 Check if your employer offers contribution matching<br \/>\n\u2714 Even 1% extra can make a big difference long-term<\/p>\n<p>3. Starting Too Late (Or Contributing Too Little)<br \/>\n\u274c The Mistake: Delaying pension savings for &#8220;later&#8221;<br \/>\n\ud83d\udca1 Why It\u2019s Bad:<\/p>\n<p>Compound growth works best over decades<\/p>\n<p>Waiting until your 40s or 50s means playing catch-up<br \/>\n\u2705 The Fix:<br \/>\n\u2714 Start as early as possible (even small amounts help)<br \/>\n\u2714 Use a pension calculator to see growth projections<\/p>\n<p>4. Ignoring Tax Relief<br \/>\n\u274c The Mistake: Not claiming full pension tax relief<br \/>\n\ud83d\udca1 Why It\u2019s Bad:<\/p>\n<p>Basic-rate taxpayers get 20% top-up from HMRC<\/p>\n<p>Higher earners can claim 40% or 45%<br \/>\n\u2705 The Fix:<br \/>\n\u2714 Check if you\u2019re claiming all relief (especially if self-employed)<br \/>\n\u2714 Consider salary sacrifice for extra tax savings<\/p>\n<p>5. Not Reviewing Investments<br \/>\n\u274c The Mistake: Keeping pensions in default funds forever<br \/>\n\ud83d\udca1 Why It\u2019s Bad:<\/p>\n<p>Default funds may be too cautious for long-term growth<\/p>\n<p>Your risk tolerance changes over time<br \/>\n\u2705 The Fix:<br \/>\n\u2714 Review investments every 2-3 years<br \/>\n\u2714 Consider diversified funds or ethical options<\/p>\n<p>How to Fix These Mistakes Today<br \/>\n1\ufe0f\u20e3 Find lost pensions (use the Pension Tracing Service)<br \/>\n2\ufe0f\u20e3 Increase contributions (aim for 12-15% of salary including employer payments)<br \/>\n3\ufe0f\u20e3 Consolidate old pots (lower fees, easier management)<br \/>\n4\ufe0f\u20e3 Check tax relief (don\u2019t miss free government money)<br \/>\n5\ufe0f\u20e3 Review investments (optimize for growth)<\/p>\n<p>\ud83d\udcac Lisa Picardo (PensionBee) says:<\/p>\n<p>&#8220;Small steps now can lead to thousands more in retirement. Don\u2019t wait\u2014take control today.&#8221;<br \/>\n<img class=\"Sirv\" data-src=\"https:\/\/chartakelay.sirv.com\/Images\/24%2011\/p.jpg\" alt=\"\"><br \/>\n<script src=\"https:\/\/scripts.sirv.com\/sirvjs\/v3\/sirv.js\"><\/script><\/p>\n<p><img class=\"Sirv\" data-src=\"https:\/\/chartakelay.sirv.com\/Images\/24%2011\/p3.jpg\" alt=\"\"><br \/>\n<script src=\"https:\/\/scripts.sirv.com\/sirvjs\/v3\/sirv.js\"><\/script><\/p>\n<p><img class=\"Sirv\" data-src=\"https:\/\/chartakelay.sirv.com\/Images\/24%2011\/p1.jpg\" alt=\"\"><br \/>\n<script src=\"https:\/\/scripts.sirv.com\/sirvjs\/v3\/sirv.js\"><\/script><\/p>\n<p><img class=\"Sirv\" data-src=\"https:\/\/chartakelay.sirv.com\/Images\/24%2011\/p2.jpg\" alt=\"\"><br \/>\n<script src=\"https:\/\/scripts.sirv.com\/sirvjs\/v3\/sirv.js\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are These Pension Errors Costing You Thousands? Pension experts Lisa Picardo (PensionBee) and Claire Trott (St. James\u2019s Place) reveal the &#8230;<\/p>\n","protected":false},"author":1,"featured_media":18703,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"rank_math_title":"","rank_math_description":"","rank_math_focus_keyword":"","rank_math_keywords":"","footnotes":""},"class_list":["post-18702","page","type-page","status-publish","has-post-thumbnail","hentry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/lotayamedia.xyz\/index.php?rest_route=\/wp\/v2\/pages\/18702","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lotayamedia.xyz\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/lotayamedia.xyz\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/lotayamedia.xyz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lotayamedia.xyz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18702"}],"version-history":[{"count":1,"href":"https:\/\/lotayamedia.xyz\/index.php?rest_route=\/wp\/v2\/pages\/18702\/revisions"}],"predecessor-version":[{"id":18704,"href":"https:\/\/lotayamedia.xyz\/index.php?rest_route=\/wp\/v2\/pages\/18702\/revisions\/18704"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lotayamedia.xyz\/index.php?rest_route=\/wp\/v2\/media\/18703"}],"wp:attachment":[{"href":"https:\/\/lotayamedia.xyz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}