State pension forecast: Check online to see how much you’ll get in retirement

A crucial part of any retirement planning is the state pension, which can provide thousands of pounds a year to retirees. It is possible to get a state pension forecast online and find out an estimate of how much an individual will get when they reach state pension age.

Here is all the information which can be found using the forecast tool:

  • A state pension forecast for when someone are is due to become eligible
  • A state pension forecast as of the start of the last tax year
  • Details of someone’s NI record, showing any gaps and part years
  • A Contracted-Out Pension Equivalent estimate

However, it is important to note that the estimate is just that, it is not a guarantee of someone’s state pension income and is based on the current law, which could be subject to change in the future.

The forecast also does not include any potential increases in the state pension due to inflation. The state pension rises every year to keep up with the cost of living.

This service is only for people who have not begun receiving their state pension, and anyone who is already getting their state pension or has deferred cannot use it.

Why are NI contributions important?

The number of qualifying years someone has on their NI record directly impacts how much state pension they are entitled to.

Other ways to apply

If someone does not wish to use the online service and will reach state pension age in more than 30 days, there are other options for how to get a forecast.

They can call the Future Pension Centre on 0800 731 0175 and request a forecast.

Alternatively, they can fill in a BR19 application form and send it by post. The forecast should then be received within 10 working days.

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Business News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TechAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More