What is my retirement date and why does it matter?

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Ever looked at annual statements from your pension providers, or checked your pension plans online, and wondered why there’s a retirement date on them? We’ll explore why that date matters and whether you can change it.

Let’s get something straight: it’s not the case that you must take your pension savings when you reach the retirement date shown on your plan. Simply, it’s when your pension provider thinks you’re going to start taking money from your plan.

If you set the plan up yourself, you probably would’ve selected your own retirement date. If your employer set it up for you, the date might have already been chosen. But you’ll usually still be able to change it.

Wait, don’t you normally need to be 55 before you can take your pension savings?

Yes. There’s something called the ‘Normal Minimum Pension Age’ (NMPA), which was introduced by the government. It’s the minimum age that most people can take money from a pension plan. It’s currently age 55, rising to 57 from 6 April 2028. It’s only in quite rare cases – for example, due to serious ill health or working in particular professions – that someone is able to take their money earlier than 55. You can watch our short video to learn more.

With this in mind, the likelihood is that the retirement date on your plan will be above 55.

OK. Does the type of pension plan I have matter when it comes to retirement dates?

Yes. There are two main types of pension plan. With both types, your retirement date or age is important for slightly different reasons. 

If you’re in a ‘defined contribution’ pension plan…

Defined contribution (or ‘money purchase’) plans are the most common type of pension plan nowadays. You can open one of these yourself, or your employer might set one up for you. You pay into the plan and your employer usually will too. Money paid in is invested, giving it the opportunity to grow over the long term. But investments can go down as well as up in value, and you could get back less than was paid in.

You can usually change the retirement date whenever you want.

Some of you might be thinking, “I’m still years away from retirement. Why does my provider need to know when I’m planning to take my pension savings?” 

As we mentioned, money paid into a pension plan is invested. If you’re in one of your provider’s ready-made investment options (sometimes called a ‘lifestyle profile’), then investment experts will look after your plan for you. And they usually move your money into lower-risk investments the closer you get to your retirement date. Lower-risk investments might not give you as much potential for growth, but they can help reduce the chances of your plan’s value dropping significantly right as you’re about to take your money.

That’s not to say you shouldn’t keep track of them, too. Even if your investments are being looked after by experts, it’s still important to keep an eye on them yourself, just to make sure they’re still doing what you’d expect. And if your circumstances or goals change, you might need to rethink where you’re invested.

Put it this way: if your retirement date doesn’t match when you actually intend to take your pension savings, your investments might be inappropriate for your circumstances. This could impact how much you end up with in retirement.

If you’re someone who manages their own investments, it’s important to check that you’re comfortable with them and consider whether they line up with your goals.

If you do want to change the retirement date on your plan, it’s also important to check whether this will have any impact on benefits, protections or guarantees that might come along with your plan. 

If you don’t start taking your money at your retirement date, it’ll stay invested.

If you’re in a ‘defined benefit’ pension plan…

Defined benefit plans – also called ‘final salary’ or ‘career average’ plans – are rarer now. They’ll pay you a guaranteed amount of money – usually monthly – for the rest of your life. How much you’ll get is calculated using the salary you’re on when you retire or leave the pension scheme, or your average salary over your career. 

Usually, the pension scheme’s rules will decide when you’ll start getting the money. A lot of schemes will have the age set somewhere between 60 and 66 (remember, 66 is also the age at which you can currently claim the State Pension, though it’s rising to 67 by 2028).

You might be able to start taking money from a defined benefit plan earlier than this – for example, from age 55. But you’re likely to get less money as a result. So it's worth speaking to your employer or provider.

Equally, you could choose to delay getting your money. You can find out more on MoneyHelper.

Overall…

The date on your plan isn’t just there for the sake of it. Assuming it’s up to date, it can help your provider give you realistic illustrations of how much money you might get from your plan in retirement. The date can have an impact on your investments and how much you ultimately end up with in retirement.

The takeaway? If you want to take your money earlier or later than the age on your plan, you need to keep your provider informed.

If you’re a Standard Life customer, you can usually change your retirement date online or on our app. You can find out more about our online services on our website. Or visit our support page for FAQs and ways to get in touch.

 

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

A pension plan 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.