Why it matters - and how to keep it up to date
Your retirement age might feel like a distant decision, but it plays a bigger role than you think. From how your pension is invested, to when you can access your savings, setting your retirement age helps shape your financial future.
What happens if you don’t set one?
If you haven’t chosen a retirement age, we’ll use 65 by default when estimating your future pension value. But it’s easy to update it.
Just head to Your Retirement Age section in the Thrive app, pick your preferred age, and hit update. Done.
Why your retirement age matters for your investments
Your selected age helps guide how your pension is invested.
By default, Smart Pension gradually moves your money from higher-risk investments (which aim for growth) to lower-risk ones as you approach retirement. It’s called an investment strategy, and it’s designed to protect your savings from last-minute market swings.
If you change your retirement age, the timing of that transition changes too. That’s why it’s important to keep it accurate, so your investments stay aligned with your plans.
Want more control? You can also choose from a range of investment strategies and self-select funds. Head to: Can I change where my funds are invested?
Heads-up: retirement age rules are changing
From April 2028, the earliest age you’ll be able to access your pension will rise from 55 to 57.
If you’ve set your retirement age under 57 and won’t reach it before that date, you might need to make an update. Smart Pension will be updating their systems in the lead-up to the change, and we’ll keep you in the loop.
Need help?
Our Customer Support team is ready if you have questions. You can reach us via the Contact Us page in the app.
Take five minutes today to check your retirement age. It’s a small change that can make a big difference.