If you have a defined contribution personal or workplace pension, you get to choose how your pension pot is invested.
Typically, this involves choosing from a range of funds offered by your pension provider.
These funds will be weighted differently between various types of assets, which offer different levels of risk and potential return.
Generally, you can afford to take more risk when you’re young, and less as you get older.
The longer your money will be invested for, the more scope you’ll have to deal with investment performance going up and down over time.
So if you’re still 10-15 years away from wanting to begin taking money from your pension, and your pension savings are invested conservatively, you might want to consider moving at least some of your fund into potentially higher-growth assets, for example, company shares.
But bear in mind that there’s no guarantee that higher growth will be achieved.
Transferring a personal pension into a self-invested personal pension (SIPP) can give you a wider range of investment options to choose from.
But this brings higher risks if you’re not an experienced investor. And you might face higher charges.
Unless you understand how the different pension investments work, you might want to consider getting regulated financial advice before making any changes to your pension investment.