How to get a state pension forecast in the UK

Want to find out how much state pension you’re on track to receive when you retire? You can do this using a pension forecast.

This is a handy Government service to help UK employees plan their retirement income, and it’s relatively quick and easy to apply.

In this guide, we’ll show you how to check your state pension forecast in the UK, along with anything else you need to know.

And if you’re expecting to receive retirement income from abroad at any point, make sure you use a Wise multi-currency account to save money on bank fees and terrible exchange rates.

Learn more

We’ll look at how this works later. But first, let’s focus on how to check your UK pension forecast.

What can I find out using the state pension forecast?

Your pension forecast can tell you lots of useful things about the current state of your retirement pot. For example, you can use the Government’s pension checker service to:

• Find out how much state pension you’re on track to receive
• Check when you can retire and get access to your state pension
• Learn more about your options for staying in work after you reach retirement age
• Find out how to increase your pension (such as delaying your pension), if applicable
• Find if you’ll pay tax on your pension when you retire
• Get contact details to help you locate a lost pension.

How to check your state pension forecast - a step-by-step guide

Ready to get to grips with your retirement finances? Follow these simple steps to put in an application for a state pension forecast:

1. Head to the UK Government’s State Pension forecast page to complete the online application process.
2. You’ll need a Government Gateway account, or you can sign in with the GOV.UK Verify service.
3. Make sure you have your National Insurance number and personal details to hand.
4. Alternatively, download the BR19 application form, complete it and return by post. You can also contact the Future Pension Centre to apply for your pension forecast.

How long does an application for a state pension forecast take?

Using the Government’s online checker tool is by far the quickest way to get your state pension forecast. If you have all the details to hand, you should be able to see your pension summary and forecast right away.

But if you’d prefer to apply by phone or post, you can expect to receive your forecast within 30 days¹.

If you’re approaching retirement age in less than 30 days, it’s absolutely recommended to use the online service if you can.

Receiving pension income from abroad? Save money with Wise

If you’ve lived and worked abroad during your life, you may also be eligible to receive pension income from state or private pensions in other countries.

When planning your retirement income, you’ll need to find the most cost-effective way to receive these international payments. If you use your bank, you could lose money to terrible exchange rates and currency conversion fees.

Luckily, there’s a way around this. Open a Wise multi-currency account and you can receive international retirement payments in the sender’s currency, such as EUR or USD. So, there’s no need to lose money on currency conversion.

Once it’s in your Wise account, you can convert the money to GBP using the real, mid-market exchange rate (without the expensive mark-up) and only a tiny fee for currency conversion.

It’s simple, secure and could make your retirement pot go much further.

Join Wise and start saving today

The Government’s State Pension Forecast checker is pretty straightforward and easy to use, and a good way to get to grips with your projected retirement income. If you’re anywhere near retirement age, logging in and checking your forecast is a must.

Sources used for this article:

Sources checked on 23rd April 2021