It may be worth switching to a new pension scheme, which a reduction in early exit charges has made more feasibleALAMY

September is rapidly becoming the new April when it comes to financial planning. Although the tax year starts in spring, more and more people are finding that the start of the new academic year is a good time to take stock of their investments. With all the rule changes around pensions in the past few years, it’s more important than ever to follow our checklist for carrying out your pension MoT.

Watch out for the reduced Lifetime Allowance
In April 2016 the Lifetime Allowance was reduced from £1.25 million to £1 million. This might seem like a king’s ransom, but it would in fact buy you only an inflation-linked annuity of about £30,000. If the value of your pension pot exceeds £1 million then you…