It would be very disappointed for you to find at your normal retirement date your SERPS/S2P to be less than you expected. The average SERPS fund is around £30,000 although there are many funds that are much smaller around £5,000. Except for exceptional circumstance nearly everyone will take their fund at 60 or 65 (Normal retirement date). It is possible for you at your retirement date to convert your SERPS fund into a pension with the opportunity to use option of taking 25% tax-free cash.

If you use for example a fund size of £20,000 you could take the tax-free cash, leaving £15,000 to purchase a pension (annuity). The problem being with interest rates relatively low in real terms the annuity you buy can provide a disappointing income.

Reviewing SERPS pensions on a regular basis leading up to retirement is not the main problem with them, the main influence being the restrictive cost to the pension holder for financial advice.

If you do not receive a yearly statement on your fund from your pension provider then you should necessary to contact them in order to ensure you receive the information every year. On the statement it will outline last years value, the current value and a forecast of the pension growth and an estimated pension income from an annuity. The most important factors when reviewing your SERPS fund is to ascertain if your pension objectives are being met.

Remember that speaking to your financial advisor will be very useful for you as he/she can talk you through the forecast your SERPS fund may provide and formulate a retirement plan taking into consideration any other pension plans, investments and savings you may hold. It is also should be mentioned that most financial advisors often use an 'attitude to risk questionnaire' when evaluated will outline your appetite for investment risk. It means that it depends on our personality, for example if you are 'adventurous' you might invest in emerging markets or if you are 'conservative' you might prefer low risk cash based investments.

The last but not least key factor is too evaluate the cost of your pension, in most cases a stakeholder pension plan with a 1% annual management charge is an acceptable pension vehicle for most SERPS funds.

Key factors:

- It is important to review your SERPS fund at least once year.

- You should revisit your pension objectives and goals.

- You should determine whether your appetite for 'investment risk' is the same as last year.

- You should determine whether your pension is competitive in terms of charging.

- Always seek a professional advice from a financial expert.

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