Managing funds in (Aviva) workplace pension

[Laquila]

I am late 30s and have a workplace pension from Aviva that's at about £6-7k. (I maximise employer contributions but don't make any AVCs at the moment.)

It's currently set at number 4 on a scale of 7 fund ratings, with 4 being termed medium volatility/balanced risk. It's performed fairly well over the past year but was shooting down a bit before that.

Given that I'm still 25yrs+ from retirement, should I be taking more risk, or is this impossible to answer without a boatload more info about personal circs etc? As I'm writing this I'm thinking I should maybe just book as session with an IFA and ask these questions there! (Especially as my husband is self-employed and doesn't even have a pension..)

Is anyone in a similar position and actively managing their pension funds, rather than going with the default?

I manage my own funds via a SIPP and have a lot - probably too many - but I like to be well diversified.

Obviously you are limited by the funds available in the pension but things to consider are: the charges applicable to each fund (managed funds have higher charges than trackers); geographical exposure; industry exposure; proportion of shares versus bonds and volatility risk.

I wouldn't be focusing solely on the risk rating. A fund may be rated as a 4 in terms of volatility but is 100% UK focused, whereas you might be willing to look at the US for example.

I'm have an old pension with Aviva and have been looking into whether to pay more into it.

I did learn that the charges are low for a workplace managed fund and the split of the medium risk fund seemed quite good to me i.e. the % that is global/uk equity, bonds, property etc.

I had a free call with one of their pension advisers, I'd recommend that.

I did come across a document online somewhere that showed the average growth rates of higher risk funds over time, it was like 8-12% I think. If you can afford AVCs that's probably the safest way to boost the pot.