Forecasting your pension

It's important to check to see how much pension you'll receive on retirement. You can do this by getting a statement for your State Pension or forecasts for any personal or stakeholder pensions you own.

Getting a State Pension statement

A State Pension statement provides you with an estimate of State Pension (including basic State Pension, additional Pension and Graduated Retirement Benefit) based on your National Insurance (NI) record as it stands when the statement is produced.

The statement shows how many qualifying years you have currently recorded on your NI record. It gives you generic information enabling you to work out how your estimate may be affected by further years being added to your NI record.

Getting a personal or workplace pension statement

You can ask your pension provider for a statement of what your pension might pay when you retire. The pension provider may be your employer if you contribute to a workplace pension scheme, or your personal pension provider.

If you have a defined benefit (salary-related) workplace pension you can request an annual statement. Some pension companies send statements automatically. If you have a defined contribution (non salary-related) workplace pension you must receive an annual statement. For defined contribution schemes the statement may include a forecast of how much you could get when you retire. If a forecast isn't included you can ask for one.

Bear in mind that your statement is only an estimate and is based on a number of assumptions:

Personal pension or defined contribution workplace pension

The amount you'll get from your personal pension and any defined contribution ('money purchase') workplace pension will depend mainly on:

  • how much you've paid in and how well it was invested
  • the age at which you retire
  • whether you make provision for a survivor's pension

Defined benefit workplace pension

The amount you'll get from a defined benefit (salary related) workplace pension will depend on:

  • the number of years you've been a member of the scheme
  • your salary – usually when you retire or leave the scheme

Combined pension statements

A Combined Pension Statement gives you an estimate of your total retirement income by combining the details of your workplace or personal pension with your State Pension statement. A Combined Pension Statement is provided on a voluntary basis by employers in partnership with The Pension Service. You will need to check that your employer is participating in the Combined Pension Statement service.

For more information on Combined Pension statements:

Finding an old pension

If you have lost track of a personal or workplace pension scheme, the Pension Tracing Service can help you find the details. The service is free. Find out more on the following nidirect page or by contacting the Pension Tracing Service:

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