The reduction of teenage pregnancy has attracted much interest in research, practice and social policy. Little is known about teenagers who report their pregnancies as "planned." Forty-one in-depth interviews were undertaken, in six different parts of England, among young women who reported their pregnancy as "planned". The mean age at conception for a "planned" pregnancy was 16.8 years. Three key themes emerged when analysing the interview data. Firstly, young women reported varied accounts in the extent their pregnancy was planned (from clear discussions with partner, through to "positive ambivalence"). Secondly, the women associated childhood experiences and their social and personal backgrounds with their decision to "plan" pregnancy (including an unsettled background and negative educational experiences). Thirdly, more explicitly and directly, young women viewed pregnancy as a chance to gain a new identity and change direction in life. Young women perceived this decision as highly rational and one that had contributed to a dramatic improvement in their life. The paper debates the current policy emphasis on reducing teenage pregnancy and young motherhood, draws reference to theoretical foundations of fragmented transitions to adulthood and class cultural constructions of motherhood, and outlines implications for teenage pregnancy reduction. (Contains 1 note.)