Three pension conversations worth having with your loved ones

id

Talking about money can feel awkward and uncomfortable for some people. And others perhaps just aren’t sure how to bring it up. But research shows people who talk about money tend to make better and less risky financial decisions, have stronger personal relationships, and feel less stressed or anxious and more in control.  

With your pension, there’s lots to talk about

Many people find their pension plan ends up being one of their biggest financial assets. Despite this, our latest Retirement Voice 2025 report shows only 33% of people have talked to family or friends about pensions in the last 12 months (research from June 2025).  

Here are three pension conversations we think are worth having with loved ones.

1. How much to save for the retirement you want

It’s important to have conversations about your retirement goals and timelines – especially with a partner. Your journey to and through retirement might be smoother if you plan together.

It’s a good idea to talk about whether you intend to retire at the same time, and what you’d like your lifestyle to look like. 

This can help you identify how much you might need to save and whether you’re on track for the future you’re hoping for. The Retirement Living Standards, from Pensions UK, can help you understand how much different lifestyles in retirement might cost. You can then use our pension calculator to work out if you’re on track. 

If you’re just planning for yourself, you might still find it helpful to chat through your goals with a loved one. Just saying things out loud could make them clearer in your head and help give you a bit more confidence. 

Want help with retirement planning? You could consider speaking to professionals. If you’re over 50, you can book a free appointment with Pension Wise, a service from the government-backed MoneyHelper. This can give you impartial guidance about things like options for taking your money. Or perhaps you want to get financial advice from a financial adviser. You can visit MoneyHelper to find out more about getting financial advice.

2. Tracking down any old pensions

Auto-enrolment was introduced in 2012, meaning you usually get a new pension plan every time you change employer. So you could end up with quite a few. There are around 3.3 million plans considered ‘lost’ in the UK – showing how easy it is for people to lose track of them. 

So, why not start a conversation with loved ones about past jobs and the pension plans you’ve had with previous employers? A discussion like this might encourage you to track your old plans down – and remind your loved ones to look for their own. 

Knowing where your plans are can make it easier to see if you’re on track. Ready to find old or lost ones? You can read this useful guide from MoneyHelper.

Once you've found lost pension plans, you could consider bringing them together into one with a pension transfer. This won't be right for everyone. Some plans come with benefits and guarantees that you could lose by transferring, so check first. Find out more about transferring pensions to Standard Life.

3. Passing on your pension

No matter your age, it’s good to talk openly with your loved ones about who you want your pension savings to go to when you die. 

Your pension savings don’t currently fall into the value of your ‘estate’, which means they’re not normally part of your Will. 

Instead, you can usually nominate ‘beneficiaries’ on your pension plans. This tells your providers who you want your pension savings to go to when you die. Your providers will take the information you’ve given into account when they decide who to pass your pension savings to. 

You can often nominate your beneficiaries online or on your pension provider’s app. If not, you could ask them for a physical form. You can find out more about Standard Life’s online services on our website, or see our support page for FAQs and ways to get in touch. 

Relationships can change, so it’s important to review your beneficiaries and keep them up to date on your plans according to your wishes. 

But we know that people forget to do this. When you die, if your providers aren’t sure who you’d want to your pension savings to go to, they can reach out to your friends and family to ask for their opinions. So by talking to your loved ones about your wishes, you could help your money go to the right people. Find out more about passing on your pension savings in our article.

From April 2027, the government plans to include unused pension savings when calculating the value of estates. This means unused pension savings could be subject to inheritance tax in future. The full details of how this will work are still to be confirmed by the government. 

 

The information here is based on our understanding in November 2025 and should not be taken as financial advice.

A pension is an investment. Its value can go down as well as up and you may get back less than was paid in.

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