Tax Year Pension Planning Checklist: Start Strong, Stay Ahead

A new tax year has begun and with it comes a fresh opportunity for pension planning and to take control of your retirement plans.

While many people only think about pensions as the tax year draws to a close, proactive planning at the start of the year can make a significant difference. Acting early gives your money more time to grow, allows you to spread contributions, and avoids last-minute financial pressure.

If you want to stay ahead rather than react later, here’s your essential tax year pension planning checklist.

1. Review Your Current Pension Position

Before making any changes, start with clarity. Take out your latest pension statement and check:

Your current pension pot value

Total contributions over the last year

Employer contributions (if applicable)

Investment performance

Projected retirement income

Ask yourself: Are you on track for the retirement lifestyle you want?

If your projected income falls short of expectations, the beginning of the tax year is the perfect time to make adjustments.

2. Check Your Annual Allowance

For most people, the annual pension allowance is up to £60,000 (subject to income limits and tapering rules). Planning early in the year allows you to:

Spread contributions monthly rather than making a lump sum in March

Avoid accidentally exceeding allowances

Make full use of available tax relief

If you’re a higher-rate or additional-rate taxpayer, pension contributions can be especially tax efficient.

3. Consider Increasing Contributions Now

Even small increases at the start of the tax year can have a powerful impact due to compounding. For example:

A modest monthly increase now has 12 months to grow

Employer-matched contributions (if available) boost your savings immediately

Tax relief enhances every pound you contribute

Rather than waiting until the end of the tax year to “top up”, building momentum early can feel more manageable and financially sustainable.

4. Revisit Your Investment Strategy

Markets move. Circumstances change. Risk tolerance evolves. The start of the tax year is an ideal time to review:

Your asset allocation

Risk level

Diversification across sectors and regions

Whether your investment strategy still aligns with your retirement timeline

If retirement is approaching, protecting wealth may become more important than pursuing aggressive growth. If retirement is decades away, you may still prioritise long-term growth opportunities.

5. Track Down Lost Pensions

Have you changed jobs over the years? Millions of pounds sit in forgotten workplace pensions across the UK. A new tax year is the perfect prompt to:

Locate old schemes

Update contact details

Consider whether consolidation could make your pensions easier to manage

Bringing pensions together can improve visibility and potentially reduce duplicated charges.

6. Review Your Retirement Timeline

Has anything changed?

Are you hoping to retire earlier?

Planning to phase into part-time work?

Considering flexible drawdown?

A new tax year is a natural checkpoint to reassess your retirement date and adjust contributions accordingly.

7. Don’t Forget Your State Pension Forecast

While private pensions are crucial, your State Pension forms a foundation of retirement income. Checking your forecast ensures:

Your National Insurance record is complete

You understand what income you’re likely to receive

You can identify gaps that may need addressing

This helps you calculate how much your private pensions need to generate.

Start This Tax Year Confidently With Pension Planning

The beginning of a new tax year isn’t just a reset. It’s an opportunity to take control before small gaps turn into bigger problems.

Pension planning early gives your contributions more time to grow, helps you manage allowances more efficiently, and reduces the risk of rushed decisions later in the year. Instead of reacting next March, you can move forward with clarity and purpose now.

The value of pensions and investments can go down as well as up, and you may get back less than you invest. Tax treatment depends on individual circumstances and may change in the future. This information is for general guidance only and does not constitute financial advice.

If you’re unsure whether you’re contributing enough, investing appropriately or making the most of available tax relief, speaking to a financial adviser can provide reassurance and direction.

At My Pension Expert, we help you review your existing pensions, maximise tax efficiency and build a forward-looking plan aligned with your retirement goals so you can approach this tax year with confidence not uncertainty.