Your pension plan: a few important things to check

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Want to feel more confident about the years ahead? If you’ve got a pension plan, checking these things could be a good place to start.

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

Knowing how much money you have in your pension plan(s) can make it easier to see if you’re on track for the future you want. 

If you have an online account with your pension provider or you use their app, you can usually see how much is in your plan by logging in.

You might have paperwork you can check, too. If you have a ‘defined contribution’ pension plan, you should get an annual statement, which tells you how much your plan is worth at its anniversary date. If you have a ‘defined benefit’ plan, you might not get an annual statement, but you can ask your provider what your plan is worth.

Once you know how much you’ve got in your pension plans, you can try out our pension calculator to get an idea of what you could have in future.

Oh, and one more thing. Your State Pension is different from any pension plans that you’ve set up yourself or got through your work. But you can still check how much you might get from it in future. How much you’ll be entitled to really depends on your National Insurance record. You can find out how much you’re on track to get, and how to potentially boost it, on the government’s website. You can also look at your National Insurance record on the same site.

Check your pension investments

When money is paid into a pension plan, it gets invested. You can usually check how and where your money’s invested online or through your provider’s app. If not, you can get in touch with your provider.

You might’ve picked your own investments from a range of fund options. Or you might be in the kind of investment option where experts do the choosing for you (sometimes known as a ‘lifestyle profile’). Whatever the case, it’s important to make sure that you’re comfortable with your investments. For example, you might want to ask yourself if you’re happy with the level of risk involved and whether your investments match up with your financial goals.

To find out more about what to consider when checking and choosing pension investments, you can read our article. You can find more information about pension investments on MoneyHelper. When it comes to your investments, the decisions you make can have a big impact on your finances. So if you’re unsure, it could be worth getting financial advice from a financial adviser.

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

Check your information

Make sure your contact details, like your home and email addresses, are up to date on all of your pension plans so your pension providers can contact you with important information. 

And check that the date on your pension plans reflects when you intend to start taking your money. This is important as the retirement date on your plan can actually affect your investments. People can usually start taking money from a pension plan at age 55 (rising to 57 from 6 April 2028).

It’s also a good idea to make sure you’ve told your providers who you want your pension savings to go to when you die – known as your ‘beneficiaries’. And be sure to review your beneficiaries to make sure you’re still happy with your choices. Your provider isn’t legally bound by your wishes, but they’ll take them into account. Keep in mind not all pension plans will give you the option of naming a beneficiary. 

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 2024

We’re proud to sponsor Pension Engagement Season, which is all about getting people to pay their pension more attention. So use your Standard Life app or log in online and take these three steps to invest in yourself and your pension today.

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The information here is based on our understanding in September 2024 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.