Pension Release News from Grove | by Michael Ormond on December 23, 2009
Do you know how much you are entitled to when you retire? If you want to know how much you could be in line to receive when you retire, then look no further. Here is your quick guide to a ‘State Pension Forecast’.
What does your state pension forecast include?
- An estimate of your Basic State Pension
- An estimate of your State Second Pension (formerly known as the State Earnings-Related Pension Scheme – SERPS)
What will your state pension forecast tell you?
- The number of years you have been paying National Insurance
- An estimated value of your State Pension, based on your National Insurance record
- An estimate of the State Pension you are likely to receive at State Pension Retirement Age, based on what you have paid and future payments
- How much you could increase your State Pension by if you put off claiming for it
- How you can improve your Basic State Pension
- What effect a company pension or personal scheme will have on your State Second Pension
- Whether you can use National Insurance Contribution made by a late or former spouse or civil partner.
How can I get my State Pension forecast?
You must live in the UK, be four months from receiving your State Pension and not be widowed in order to get your forecast online. You can of course apply over the phone too or via post. Again, you must ensure that you live in the UK and are at least 30 days from State Pension age. In the case of applying over the phone or by post, if you are within the 30 days, your application will not be able to be processed.
What information do I need to supply?
As with sensitive information pertaining to finances, there are some details that you will need to supply in order to obtain your State Pension forecast.
Make sure that you have the following information to hand:
- Your National Insurance number – this is often on your payslip
- What type of National Insurance Contribution you are paying i.e.: are you employed or self employed
- Details of any marriages, civil partnerships or annulments
- Information on any periods you have spent working abroad
- Your current salary figure
If you want to find out more about your State Pension then contact Directgov: http://www.direct.gov.uk/en/Pensionsandretirementplanning/StatePension/StatePensionforecast/DG_10014008. You may discover that your state pension does not live up to your hopes and is not going to support you.
Grove Pension Solutions Ltd is a financial adviser specialising in Pension Release services.