Although most of us will qualify for some form of State Pension, not all will be given the full amount. A pension forecast shows you how much you will receive when you reach State Pension Age. This helps you assess if you need to top up your savings or other pension options to give you a comfortable retirement. If you’re an employer, try the auto enrolment calculator.
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- Find out the pension you qualify for based on current records
- An estimate of how your pension may increase if you defer your retirement age
- Tips on how to improve the amount that will be paid
What happens next? Once we have received your online enquiry we will start calculating how much you will receive at your State Pension Age. We will email to let you know the results of our research.
What is the State Pension Forecast Based on? The government pension scheme is based on the number of qualifying years that you have worked. This is assessed by the National Insurance (NI) contributions you have made out of your salary over the years.
Some individuals may have had salary gaps if they were on benefits, were carers or stopped work to look after children. These individuals are often given “credits” so that they don’t miss out on periods when they were not able to work.
What Information will a State Pension Forecast give?
The forecast can be useful in many ways. Although primarily designed to estimate a qualifying pension, it may also help you better plan your retirement according to your needs. It may, for example, show:
- An assessment of the pension you may qualify for based on current records, SERPS opt-outs/ins and an estimate of future qualifying years
- An estimate of how your pension may increase if you defer your retirement age
- Tips on how to improve the amount that will be paid
This can give a useful snapshot of how much the state will contribute to your retirement income.
Why is a State Pension Forecast useful?
Getting a forecast can help you better plan for retirement or allow you to make an extra push to save so that you have more income after you retire. A forecast could show, for example:
- Gaps in qualifying years that may be mistakes
- Gaps that may be topped up by adding extra contribution payments
- How you could boost your pension to get more money
What to do if your State Pension falls short?
If you cannot boost your state pension any further or your retirement spending budget shows that this will not give you enough to meet your financial needs, then you may want to look at other retirement planning options. Using alternative pensions earlier in life and boosting tax free savings later may be worth looking at.
Contact us to discuss your options »
