6 Reasons to Review Your Pension This Year

Jun 2, 2025

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Your Life Has Probably Changed

Life doesn’t stand still—and your pension shouldn’t either. Whether you’ve started a new job, bought a home, had a child, had a payrise or experienced any other big milestone, these changes can affect how much you need to save or how soon you want to retire.

Even without major life events, your goals and outlook might change over time. That’s why it’s important to regularly check that your pension still lines up with your current circumstances and future plans.

Better Pension Options Are Out There

Pensions in Ireland have come a long way. New products might offer more flexibility, better growth potential, or lower charges than what you signed up for years ago. A review gives you a chance to compare what’s available and make sure your pension is working as hard as it should be.

How Often Should You Review Your Pension?

Generally, you should review your pension every 12 months. You should also take a look at whether your circumstances have changed, because those changes could impact how much you need for retirement or how much you can afford to contribute right now.

Here are some life events that should trigger a pension review:

Getting married
Having children
Getting an increase in your salary
Moving abroad
Taking on a mortgage
Receiving an inheritance

If any of these sound familiar, it’s a good time to check in on your pension.

Strategies for Retirement Planning at Each Age

Your pension strategy should grow with you. Here’s a quick guide to what to focus on at each stage:

In Your 20s

If you’re in your 20s, this is the perfect time to lay a strong foundation for your future retirement. Starting early, even with small contributions, gives your money decades to grow through the power of compounding.

At this age, you can also afford to take more investment risk, which can lead to higher potential returns over time. It’s a good idea to explore growth-focused funds while you’re still far from retirement.

In Your 30s

In your 30s, it’s a great time to build momentum with your pension. As your income grows, increasing your contributions—even slightly—can make a big difference later.

You may also be planning for a family or buying a home, so it’s important to factor those future needs into your financial planning. It’s also smart to review your investment choices now to make sure they still match your goals and risk tolerance.

In Your 40s

In your 40s, retirement starts to feel more real, so it’s time to get serious about your pension. Keeping track of your pension pot’s progress helps you see if you’re on target or need to make adjustments. At this stage, you’re allowed to contribute a higher percentage of your income and claim valuable tax relief, so it’s worth making the most of it.

If you’ve had a few different jobs over the years, you might also have multiple pension pots. Now is a good time to review and consider consolidating them for easier management and potentially lower fees.

In Your 50s and 60s

In your 50s and 60s, the focus shifts from building your pension to getting ready to use it.

Your 50s are a key time to catch up on contributions if you’re behind and to start reducing investment risk to protect what you’ve built. It’s also a good point to start thinking seriously about when you want to retire.

By your 60s, it’s all about making informed decisions—whether that’s taking a lump sum, choosing an annuity, or setting up an ARF. You’ll also want to review your income needs in retirement and consider how your pension might support loved ones in the future.

What a Pension Review Looks Like

Not sure where to start with your pension review? That’s completely normal. A review simply helps you understand where things stand and whether any changes could improve your long-term outcome. Here’s what we typically look at: