State pension forecast

The state pension forecast allows anyone to find out what amount of state pension they can expect to receive. This has been an especially useful tool whilst the methods for calculating state pensions have been complex. When the flat-rate pension is introduced, it may be easier for people to work out exactly what they will receive.

The government’s pension service issues state pension forecasts and they are very useful for people approaching retirement age for the purpose of budgeting and to ascertain what other amounts of income they will need from private pensions, savings, investments or equity release in order to fund their costs in retirement.

The Pensions Service has an online tool that allows the public to register and then find out their state pension forecast. You can access it here at the Directgov website.

	One in seven to rely on state pension in retirement Prudential reveals 14 per cent of Brits have yet to grasp the importance of saving a pension and are relying on the state pension to fund their retirement.
	New state pension changes will harm young people, says IFS The Institute for Fiscal Studies claims that young people will be hit the hardest under the planned pension reforms.
	More women work beyond 60 due to changes to state pension age A new study by the Institute of Fiscal Studies (IFS) reveals that more women are working beyond the age of 60 because of changes to the state pension age.
	ONS: More men than women working beyond state pension age The Office for National Statistics reveals that more men than women and a higher proportion of self-employed workers are working beyond state retirement age.
	Inflation fall means state pension increase will be 2.5% The consumer prices index fell to 2.2 per cent, a 34-month low but analysts expect inflation to rise again in the coming months via higher food, utility and fuel prices.