How to check your State Pension forecast
23 Jul 2024
Discovering how much you can expect from your State Pension is easier than you might think. Let’s break down the steps to check your State Pension forecast and what information you’ll find.
What is a State Pension forecast?
A State Pension forecast gives you an estimate of how much money you’ll receive from the government when you reach retirement age. This estimate is based on your National Insurance contributions and records.
Why check your State Pension forecast?
Knowing your State Pension forecast can help you plan for the future. It tells you:
An estimate of the State Pension you can expect.
How many years of National Insurance contributions you have.
Ways to potentially increase your State Pension if needed.
How to access your State Pension forecast: Online
The quickest and easiest way to get your State Pension forecast is online through the Government’s 'Check your State Pension' service. Here’s how to do it:
Visit the Government Gateway: Go to the 'Check your State Pension' service webpage and click on ‘Start now’.
Log In or Create an Account:
If you already have a Government Gateway account, simply log in.
If you don’t have an account, click on ‘Create sign in details’ and follow the instructions to set one up. You’ll need your email, name, and National Insurance number.
Verify Your Identity: You may have to answer questions related to your passport, payslips, or bank accounts to verify your identity.
View Your Forecast: Once logged in, you’ll see your State Pension forecast summary. This includes the date your State Pension starts and the estimated amount you’ll receive.
Paper method
If you prefer a paper forecast, you can:
Fill in a BR19 application form and post it.
Call the Future Pension Centre at 0800 731 0175 or 0800 731 0176 to request a form or help.
What your forecast includes
Your forecast will provide:
Estimated State Pension: How much you’re likely to receive based on current rates.
National Insurance Record: Your contributions and any gaps in your record.
State Pension Forecast: Both current and future estimates based on your contributions.
Some considerations
Retirement Age: The current State Pension age is 66, rising to 67 by 2028.
Contribution Years: Typically, you need at least 35 ‘qualifying years’ of National Insurance contributions to receive the full State Pension.
Inflation: The forecast does not account for future inflation changes.
Final thoughts
Understanding your State Pension forecast is a key step in planning for retirement. It gives you a clear picture of what to expect and helps you make informed decisions about your future. If you need help consolidating your old workplace pensions, Penny is here to assist with a simple and easy-to-use mobile app. Happy planning!
