Getting a pension forecast
Check your state pension
Pensions as we know are always changing. Whether it’s by way of legislation or the product itself, they are complicated beasts.
The same applies the State Pension in that the rules change from time to time. Which they did recently.
One of the ways to get a statement is to use the Official State Pension Calculator. This is a fairly limited tool based on general questions regarding your age and the number of years you have made National Insurance.
But it will give you some idea of how much you would have a week in “todays” terms and rising by inflation.
Alternatively, you can contact the Future Pension Centre. Use their online enquiry form, or you can ring the helpline: 0345 3000 168.
A recent article in The Sunday Times reports that those with defined-benefit workplace pensions may have had the value of their contracted-out state pensions calculated using the wrong rates. Possibly millions of people may have received inaccurate forecasts from the government’s online state pension calculator, according to a new investigation.
There are many tools out there that will also forecast or help you calculate projections of your pension pots generally. The provider of your pension (s) will also provide you with statements. But if you want to review this or help with your retirement planning structure and requirements then you should seek professional advice.
If you want to speak to an Adviser, Enquire here