The short answer
Start with six facts: the type of scheme, what you contribute, what your employer contributes, where the money is invested, what charges apply and what happens if you leave. Your annual benefit statement and scheme booklet should help you find them.
“I have a pension” can mean very different things. It may be a defined contribution fund, a defined benefit promise or another arrangement. The name alone does not tell you what it may provide.
Open the statement and find these answers
What type of pension is it?This affects how future benefits are calculated.
Who pays what?Check your contribution and the employer contribution, including any matching conditions.
Where is the money invested?For defined contribution arrangements, understand the fund choice and level of risk.
What charges apply?Charges reduce the amount that stays invested.
What other benefits are included?Some schemes include death-in-service or other protection benefits.
What happens when you leave?Old pension benefits remain important and should stay on your financial map.
Ask HR, the scheme administrator or trustees when a document is unclear. If you need a personal recommendation about contribution levels, investment funds or transfers, use an appropriately regulated adviser.
Sources and further reading
Money, Just For Her provides financial education and coaching. It does not provide regulated financial advice or personal product recommendations.