Pension Release: Pension Forecast State

by Pension Release by Pension Forecast

Donald asks…

Is my State Pension forecast normal for someone my age?

I’m 22 years old and out of curiosity, I had a State Pension forecast done with the government which has come back saying that I have 5 years of full payment that gives me a pension in todays money of £15.88 per week. It also told me that to qualify for a full State Pension you need 30 years of contributions and it’s giving me the option to buy a full year of contributions for tax year 2008 which I missed due to being in education for £267.50 and I have the option to buy full contributions for this missed tax year until April 2011. I’m not sure what to do, should I take this option or is it not important? If I take it I’ll have six years of full contributions aged 22 but if not I’ll only have the 5 years of full contributions, is this bad?

Thank you for your help :)

Pension Release by Pension Forecast answers:

I missed a few years in my 30s. Didn’t think much of it at the time, 60 seemed a long time away. BUT, now I am down by £20 a week, a lot when you are on a pension. So pay it if you have to, but check if its right as you have been in education.

James asks…

2012 state pension forecast?

We understand that the basic state pension increase from April 2012 will be 5.2% in accordance with CPI. Does anyone know what the fore-casted percentage is for additional state pension and GSP? Thank you.

Pension Release by Pension Forecast answers:

This was speculation, the figures for both have not been confirmed.
UK

Carol asks…

When will I receive some information about my State Pension due March 2009?

I have done a State Pension Forecast on line but I wonder when I will start receiving official communications regarding this? I am 60 on 1st March 2009.

Pension Release by Pension Forecast answers:

There is a lot of information about how to claim your State Pension at www.direct.gov.uk/en/MoneyTaxAndBenefits/PensionsAndRetirement/AboutToRetire/DG_10014634

Claim your State Pension

Four months before you reach State Pension age, you’ll receive a letter outlining the choices you have about when to claim your State Pension and inviting you to claim it.

If you don’t hear anything, call The Pension Service on 0845 300 1084. Lines are open Monday to Friday 8.00 am to 8.00 pm, and on Saturday from 9.00 am to 1.00 pm. You can also download an application form from The Pension Service website.

Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving independent financial advice relevant to your circumstances. To find and IFA please call 0800 085 3250 or go to http://www.unbiased.co.uk.

Lizzie asks…

how do I get a state pension forecast?

Pension Release by Pension Forecast answers:

From Retirement Pension Forecasting Team, The Pension Service, Whitley Road, Newcastle-upon-Tyne NE98 1BA.
Tel. 0845 3000 168
or ask for a form at your local Social Security office.

Ruth asks…

How do I get a forecast on my state pension?

Pension Release by Pension Forecast answers:

Apply for a State Pension forecast by post, complete and return application form (BR19).

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