How To Request A Pension Forecast

In order to plan for your retirement, you need to figure out how much income you’ll get from all your pensions, including workplace or personal plans, as well as the State Pension.  

How To Get An Estimate Of Your State Pension

A State Pension statement will give you an estimate of how much State Pension you might get, based on your National Insurance contribution records to date. 

It will also help you understand how any future National Insurance contributions might increase the amounts shown. Do this by going to the Gov.UK website and logging in.  

How To Get A Forecast Of Your Personal Pension 

Contact your personal pension provider. They’ll need to verify you before discussing your personal pension, and will do this by asking for:  

  • Your plan number, 
  • Your date of birth,
  • Your National Insurance number,
  • The date your pension was set up.

If you are writing to your personal pension provider, be sure to include these in your letter.  

To get a thorough overview of your pension pot, ask: 

  • What is the current value of the pension pot? 
  • Is there a nominated recipient for any death benefits? 
  • How much has been contributed into the pension pot? 
  • What charges are you paying for management of the pension pot? 
  • How much income is the pension pot likely to pay out at your chosen retirement date? 
  • How is the pension pot being invested and what options are there for making changes?
  • Would there be any charges if you wanted to transfer the pension pot to another provider? 
  • What are the death benefits – in other words, how much money would be paid from the pension if you died? 

How To Get A Forecast Of Your Workplace Pension 

Ask your employer for a forecast or log onto your pension provider site directly for an overview and pension projection.  

The key questions to ask are what type of plan it is (for example, defined benefit or defined contribution?) and, unless it’s a defined benefit scheme, which pension provider your pension is with.  

You’ll find out what you’re on track to receive in retirement and this information can help you decide whether to put more into your savings – and boost your income in later life.  

In order to plan for your retirement, you need to figure out how much income you’ll get from all your pensions, including workplace or personal plans, as well as the State Pension.