Do you know how much your State Pension will be and when you can claim it?
If you do you’re in the minority of people, but if you are over the age of 55 you can now find out.
The new flat rate State Pension will start from 2016, but as we’ve previously revealed not everyone will receive the full amount.
Planning for your retirement is impossible without knowing how much your State Pension will be, which is why the newly expanded forecasting service will be welcomed by many people approaching retirement.
State Pension forecasts for over 55s
As the name suggests a State Pension forecast tells you what you can expect to receive from the Government when you retire. It will also tell you whether you need to top-up your National Insurance contributions to receive the full flat rate State Pension.
The valuable service has recently only available to people aged 60 or over, however it is now people aged 55 can apply for a forecast.
The extension of the service will help people better understand the State Pension they are entitled to and how best they can take advantage of Pension Freedoms, due to be introduced in April.
Commenting on the change, Steve Webb the Pensions Minister said: “We are making sure people have the resources and support they need ahead of the new freedoms in April, so they can take the time to plan how to best use their pension saving for a secure retirement.”
It is understood that the roll-out of the forecasts will continue until everyone of working age can apply.
How to get a State Pension forecast
There are three ways to get your State Pension forecast:
- Online by clicking here
- Calling 0345 3000168
- Write to The Pension Service 9, Mail Handling Site A, Wolverhampton, WV98 1LU,
We’re here to help
Confused about the flat rate State Pension? Worried you won’t have enough money to retire?
Our advisers are here to help, call us today on 0115 933 8433 or email firstname.lastname@example.org