Before we get into it…

Have you been tempted to check your pension over the past few weeks? Or have you done what I’ve done - shut your eyes slightly and hoped for the best? I can recommend the latter.

With everything going on globally (including the Iran conflict), markets have been… noisy. And it’s completely normal to feel a bit uneasy about what that might mean for your money.

But zoom out for a second. Pensions are a 10, 20, 30, 40-year game. Events like this tend to show up as blips on a very long chart.

So while it’s worth being aware of what’s happening, it’s usually not a reason to react. The fundamentals still apply: a diversified portfolio, a long-term mindset, and a focus on what you’re actually saving for. For most people, the right move is to sit tight - not second-guess everything.

(And if you want to talk this through in real life, we’ve got a Pensions & Prosecco event coming up in May - more on that below.)

Right - three pension things to clock.

Katie

The state pension age is increasing from 66 to 67 by 2028 - with further rises expected over time.

What this means for you:
The age you can access your state pension may be later than you think - especially if you’re in your 30s or 40s now.

It’s currently set to rise to 68 by 2046 but that timeline could change. The government is reviewing whether pension ages still reflect life expectancy trends - so this isn’t fixed.

Your next step:
Check your state pension age and use it as a planning anchor - not a surprise.

Pension firms are now allowed to give you more practical, personalised suggestions - not just generic warnings. It’s called Targeted Support.

Why it matters:
Until now, most people have sat in an awkward gap between broad, one-size-fits-all guidance and full financial advice (which most people never get). Targeted Support sits in the middle.

So instead of: “you might not be saving enough…” you could start seeing “here’s a more appropriate contribution level.” Instead of “there are cheaper investment options…” you could start seeing “here’s a better-value fund.” It should make pension messages more useful and easier to act on.

In reality:
I asked several major providers what targeted support will look like in practice, and the answers were… mixed. One had examples. Some said rollout would be gradual. Others were still vague.

What to expect:
Over the next year, you’ll likely start seeing more personalised nudges - in apps and emails - around contributions, investments and retirement income.

I’ve broken this down properly here.

If you’ve tried to move or combine pensions recently, you might have hit long delays. Some pension transfers are taking months - and in extreme cases, people have reported waits of over a year, with some giving up entirely.

What this means for you:
If you’re planning to consolidate pensions or switch providers, don’t assume it will be quick - especially if you’re working to a deadline (like retiring or drawing money soon).

Worth knowing:
This isn’t just bad luck. The system is still catching up - with manual processes, extra checks and legacy admin slowing things down. The industry is under pressure to fix it, and improvements are being worked on - but for now, delays are still very much part of the picture.

Your next step:
Keep track of requests and build in buffer time so you’re not forced into any rushed decisions later.

Pension tax relief is one of the most valuable (and underappreciated) perks of saving into a pension. And yet - 9 in 10 people don’t actually know what rate of tax relief they’re getting.

Why we’re reminding you
Because it’s effectively free money from the government boosting your pension contributions.

Pensions&Prosecco says:
This is one of the easiest wins in pensions. If you understand it, you’re far more likely to value - and increase - your contributions. I’ve explained it simply here:

Our next Pensions & Prosecco event is live:

📍 1 Warwick by Maslow’s, 1 Warwick Street
📅 Monday 18 May
🎁 Free one-hour advice session (worth £250) with our partner Kellands

An evening of prosecco tasting and practical pension know-how - no jargon, no pressure, just clarity. If you’ve been meaning to “get round to your pension”, this is your moment.

La Gioiosa Prosecco Rosé Millesimato Brut
Tesco Finest Prosecco Rosé 75cl

Elizabeth says: Pink Prosecco is my pick for what looks like a sunny bank holiday weekend - easy, celebratory, and just a little bit more interesting than your usual bottle. These are the ones I’d actually reach for.

La Gioiosa is a textbook Prosecco DOC Rosé. Look for the Millesimato label (it simply means vintage-dated) - it usually signals a bit more care in how it’s made, and you can taste it. Expect red berry, citrus freshness and a dry, balanced finish. The bubbles are fine rather than frothy, and there is a touch more depth than your average pink Prosecco.

Supermarket own-label sparkling can be inconsistent. Tesco’s Finest Prosecco Rosé is not. It delivers clean red fruit, a hint of citrus zest and a dry finish that feels far more refined than the price point suggests. A genuinely good-value option - and it proves that pink Prosecco does not have to be expensive to be well made anymore.

That’s it for this edition.

More pension housekeeping next time. Fewer acronyms. Always something decent in your glass.

Katie & Elizabeth 🥂

If this was useful, forward it to someone who keeps saying they’ll “sort their pension next month.” Or send them here to sign up - we’ll take it from there.