Check Your State Pension Forecast

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Check Your State Pension Forecast

For some individuals, the process of calculating their likely State Pension is fairly straightforward. For others, however, who may have been contracted out of SERPS, or been in one of a number of situations including having been unemployed, on parental leave, or a carer, the process is not as straightforward. And whilst some situations will have resulted in National Insurance credits being automatically applied to an individual’s record, that won’t always be the case.

 As a result it pays to check your State Pension* forecast and National Insurance record to ensure that your records are correct and that there are no unexpected gaps. To help with this process the Government has launched a ‘check your state pension forecast’ service which can be accessed via Gov.UK or the HMRC app. The new service will also indicate whether an individual could make a voluntary contribution in order to fill in gaps in their National Insurance record back to April 2006 as well as facilitating that payment. This extended backdate facility will be withdrawn on 5 April 2025, with individuals only able to backdate for a maximum of six years after that time.

 If you are looking for advice on pensions or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.


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