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. If you’re invested in a strategy that adjusts over time, your chosen retirement age helps guide how your pension is invested. It shapes what your savings are working towards. Think of it as a target date, not a deadline.
It doesn’t change when you’re legally allowed to access your pension. That’s set by pension rules. But it can affect how your money is invested as you move closer to that target age. So it’s worth keeping it up to date. If your plans change, your pension should reflect that.
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.
How to update your retirement age
Head to Retirement age in the Pension section of the Thrive app. From there, sign in to Smart Pension to update your chosen retirement age. Any changes need to be made in Smart Pension, as they manage your pension details.
You can also contact Smart Pension directly. They’ll help you get it sorted.
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Contact Smart Pension by calling on 0333 666 2626 or you can email here.
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You'll need to provide your National Insurance number on your request.
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Let them know you’d like to add or update your selected retirement age, and confirm the change.
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They’ll let you know if anything else is needed and confirm when changes have been made.
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.