Over 55? When it comes to your pension plan, here are a few things to review

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55 is the age when people can start taking money from their pension plan, although this is rising to 57 from 6 April 2028. Whether you’ve been retired for a while or you’re not yet taking your pension savings, here are a few pension-related things to review if you’re over 55.

Review how much you have now – and what you could have later

It’s important to know how much you’ve currently got in your pension plan(s), as this can help you prepare for the years ahead. You can usually check the value of your plan online or on your pension provider’s app. You can find out more about our online services on our website, or see our support page for FAQs and ways to get in touch.

You might also have paperwork you can look at. If you have a ‘defined contribution’ plan (that’s the type of pension plan where money paid in is invested and the value can go down as well as up), you should get annual statements. These show how much your plan is worth at its anniversary date. And they might show much money you’ve taken from your plan so far.

If you have a ‘defined benefit’ plan (that’s the type that gives you a lifetime income, usually based on your salary and length of service), you might not get annual statements. But if you want information about it, you could ask the employer that set it up, or your provider.

Not taking your money yet? You could use our pension calculator to see whether you’re on track for your retirement. 

One more thing – your State Pension is different from any pension plans that you’ve set up yourself or got through your employer. But you can still check how much you’re getting, or likely to get from it in future. MoneyHelper has useful State Pension guides.

Review your pension investments

When money is paid into a pension plan, it gets invested. 

You might be in a ‘ready-made’ option where experts choose your investments for you, sometimes called a ‘lifestyle profile’. Or you might’ve picked your own investments from a range of fund options. 

The investments that are right for you will depend on various things. This includes when and how you’re taking money from a pension plan (there are a few different ways), and how much risk you’re comfortable taking.

The closer you are to taking your money, the less time it has to recover from dips in the market. So if you’re in a ready-made investment option, experts will gradually move your money into lower-risk investments as you approach your chosen retirement date. The investments may be geared towards one or more of the ways you can take money from a pension plan.

Whether you’ve had the work done for you or chosen your own investments, do check that they line up with what you plan to do with your money and that you’re comfortable with the amount of risk you’re taking. You might find you don’t want to make changes to them, but it is still important to review your investments. If you’ve picked your own investments, be sure to keep an eye on them. You might want to move them as you approach retirement. 

You can learn more about pension investments on MoneyHelper. If you’re unsure, it could be worth getting financial advice from a financial adviser – MoneyHelper has details on how to find one. 

The value of your investments can go down as well as up, and you could get back less than was paid in. 

Review your information

Make sure your contact details, like your home and email addresses, are up to date on all your pension plans. This helps your providers contact you with important information and can make it easier for you to keep track of your plans. Speaking of – if you’re not sure where all your pension plans are, read our article on how to find them.

If you haven’t started taking your money yet, check that the date on your plans reflects when you intend to take it. This is important as the retirement date on your plans can affect your investments.

If you have the option, make sure you’ve told your providers who you want your pension savings to go to when you die – known as your ‘beneficiaries’. And regularly review your beneficiaries to make sure you’re still happy with your choices. Although your provider isn’t legally bound by your wishes, they’ll take them into account. 

You may be able to do all of this online or through your provider’s app. If not, contact your provider. You may need to fill out a form to name your beneficiaries. 

It’s Pension Engagement Season 2025

We’re proud to sponsor Pension Engagement Season, which is all about getting people to pay their pension more attention. So use these three steps to help you feel more prepared for your future. 

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The information here is based on our understanding in September 2025 and shouldn’t be taken as financial advice.

A pension is an investment. Its value can go down as well as up and could be worth less than was paid in.

Standard Life accepts no responsibility for information in external websites. These are provided for general information.