For clients between the ages of 49 and 54 this could have a huge impact. If you don't act before this date access to your pension benefits will be restricted. 49-54 year olds need to act now.

Those younger than 49 years old need to consider reviewing their personal circumstances as they could still be affected.

Do you know you can switch your pensions much like you can switch your car insurance?

Now you've got your pension in place, you stick with the same one until you want to retire. Right?

Perhaps. But have you ever thought about switching your pension planning?

Sticking with the same pension product or pension planning until you retire might not necessarily be the best option for everyone. If you have an outdated pension plan, you may benefit from moving to a modern flexible pension, with lower charges, more choice in how you invest your savings and which can be monitored online.

More and more people are happy to look around for the best deals and switch their credit cards and mortgages to save money, but when it comes to switching their pension to get the best deal, very few people have done so. Are you one of those people?

Okay, you may think it's a bit of a hassle changing financial products, and sometimes it seems easier to leave things as they are. But you could be missing out if you choose to stay in your existing pension plan.

Also, if you have a number of different pensions, perhaps relating to employment with different companies, it can often be beneficial to consolidate these in a single pension plan. This makes it easier for you to put a value on your total pension savings and may allow you to benefit from lower charges and an overall investment strategy tailored to your individual needs.

Of course the decision to switch pensions requires careful consideration and it may not be in your best interest to switch, therefore it is important that you receive financial advice from a professional adviser before deciding to move your pension.