The advantage of being self employed is control of your own destiny. The ability to build up a business with an income based on your own efforts can be very rewarding.

But in the rush of everyday life it is too easy to think about today and leave dealing with the future till you actually get there. Time travel hasn’t been invented yet so you can’t.

Most self employed people I meet have started a pension in the past or have a small pension from when they were employed. This stops them worrying as much because it is better than nothing. But this is not true. If you have no pension then you know you have to do something about it. But if you already have one you probably won’t do anything to check if it is the best deal you could get.

On reviewing existing pensions about 30% need no advice on the investment. But the other 70% could improve their prospects simply by making sure that the investment fund link is suitable. This can take just a couple of hours work and the long term benefits could be substantial.

An insurance company pension policy started over 10 years ago is probably paying higher charges than one started now.

A small loss of just 2% a year from extra charges or marginally lower performance will reduce the final value by 40% over 25 years. How far down the 25 year period is your own pension investment?