Full state pension isn't a given. I know, it's a shock, but the amount you receive will depend upon your National Insurance record. So, while you may be sitting back and dreaming of retirement with the assumption of the amount you'll get in state pension, don't get too comfortable just yet - it may not be as much as you thought. Don't panic yet, though, there is an easy way to check.
While the full new state pension is currently £185.15 per week, although if you reached your state pension age before April 6, 2016, you'll get a different amount, not everyone in the UK is entitled to the full amount. If you are coming up to retirement, or are just interested in how much you might get based the amount of National Insurance you've already paid, then it is time to get a forecast.
Anyone can get a state pension forecast and the benefit of doing this is that if you haven't made enough contributions to qualify for the full Department for Work and Pensions (DWP) pension, you may still have time to make up the difference. Of course, depending upon how many working years you have, this may or may not be beneficial for you. Always take professional financial advice.
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The forecast will work out how much new state pension you are likely to receive based on the current rules. It will tell you how much state pension you could get, when you can get it and how to increase it, if you can.
Currently, the earliest you can get your DWP pension is at the state pension age. This is 66 for both male and females.
To use the service, you'll first need to prove your identity using Government Gateway. You'll be able to register for Government Gateway if you have not used it before.
If it turns out that you haven't made enough contributions then you might be able to increase the amount you get by making extra voluntary contributions to fill in gaps in your National Insurance record (such as, from when you were not working or claiming benefits). The Government website says: "For advice about increasing your workplace or private pension, speak to a financial adviser."
How to apply for a pension forecast
First, visit the Government website page 'check your state pension forecast'. You'll need to prove your identity using Government Gateway but if you haven't used this before you can register for Government Gateway by clicking the link.
Once you have your Government Gateway user ID and password, visit the 'check your state pension forecast' page on the Gov.uk website
Other ways to apply
Applying online is the quickest way to get a forecast. If you'll reach your state pension age in more than 30 days you can also:
- fill in the BR19 application form and send it by post
- call the Future Pension Centre who will post the forecast to you
State pension amounts
State pension is paid on a sliding scale. The full new state pension is currently £185.15 per week and is due to increase in April, but will will need to have paid full National Insurance contributions get the whole amount in retirement. That takes 35 years of contributions. How much you get will depend upon how much you have paid in so check your contributions now.
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