How to check your State Pension forecast

What is a State Pension?

A State Pension is a regular sum of money you’ll be paid when you reach State Pension age, which is currently 66.

To receive the State Pension, you will need to have made enough National Insurance contributions or credits while you were working. These are known as qualifying years and count towards your National Insurance record. Under the current system you will need:

• 10 years to receive any State Pension
• 35 years to receive the full amount.

In the 2024/5 year, the UK government says it will spend £167.6 billion on benefits for pensioners, including the State Pension. The State Pension alone is predicted to be £138.1 billion, according to official figures.

The full State Pension is £221.20 per week for 2024/5 or £11,502.40 per year, for anyone reaching State Pension age after April 2016. For those who retired before April 2016, the old basic State Pension is now £169.50.

The State Pension rises every year, as you can see in the table below. The rise is calculated by using the highest of the following three figures – a system known as the pension triple lock:

• The Consumer Prices Index (CPI) inflation rate for September
• Earnings growth in the UK
• 2.5%.

How the State Pension has risen in recent years

Along with not having enough qualifying years, you may not get the full State Pension if you chose to contract out of the Additional State Pension. This applied under the pension rules before 2016.

Those rules allowed you to receive a basic State Pension if you had made National Insurance contributions or credits for 30 years. You could also top up your pension with the Additional State Pension if you had extra National Insurance contributions.

What will a State Pension forecast tell you?

A State Pension forecast will tell you how much pension you are likely to be paid. It will also show you what age you’ll receive your pension, your National Insurance contributions, and how many qualifying years you currently have.

Checking your State Pension age is an important part of retirement planning. You may be able to top up your contributions, for example, while you’re still working to boost the amount of State Pension you’ll receive when you retire.

How to get your State Pension forecast

There are a few ways to get your State Pension forecast. It is quicker to check your State Pension forecast online or via the HM Revenue & Customs (HMRC) app.

However, it’s also possible to check it on the phone or via post by contacting the Department for Work and Pensions (DWP).

Online through gov.uk

You can check your State Pension forecast online at the gov.uk website. To do this you will need to log into your Government Gateway account.

If you don’t have one, you can register for one for free. The account is where you can access a range of different government services, such as your tax returns.

You can also check your State Pension forecast via the HMRC app, which is free to download. You can check other details, such as your tax code or National Insurance number here too.

By phone or post

You can check your State Pension forecast by post by filling out the BR19 application form.

If you want to check it on the phone, you will need to call the Future Pension Centre on 0800 731 0175, who will post it to you.

Both are only possible if it’s at least 30 days until you are set to reach State Pension age. 

Interpreting your State Pension forecast

You will want to look at a few key elements to interpret your State Pension. Along with the overall predicted amount you will receive, there may be an estimate for a previous contracted out pension, for example.

You will be shown the following four pieces of information:

1. The amount of State Pension you should receive, and at what age you will receive it
2. The amount you will receive based on your contributions at the start of the last tax year
3. The number of qualifying years you have in your National Insurance record
4. An estimated State Pension if you were contracted out of the Additional State Pension (before 2016).

You’ll also see a caveat about the figures, stating that they are estimates, not guarantees, and that they do not reflect changes to inflation.

Understanding the terms

If you’re confused about any of the terms in your State Pension, you can make a free appointment with Pension Wise. It is a government-backed service offering help and advice to people aged 50 or over.

What if your forecast is lower than expected?

If your State Pension forecast is lower than expected, you may be able to top it up. You may also qualify for other state benefits that can boost your income when you stop working.

How to increase your State Pension

You can increase your State Pension in a few different ways, up to the full entitlement, which is currently £221.20 per week. If you aren’t able to work because of illness, for example, but you receive benefits, you may be able to get National Insurance credits, which count towards your record.  

Voluntary National Insurance contributions

If you have gaps in your National Insurance contributions, you can make Class 2 or 3 voluntary contributions. The type you make will depend on the reason for the gap in your National Insurance record. You can only top up for the previous six tax years. You can pay this online at gov.uk.

Delaying your State Pension

If you delay receiving your State Pension, this can boost your State Pension allowance and could see you receiving more per week. For every nine weeks you delay your State Pension, it rises by 1%. If you can hold off claiming it for a year, it could rise by 5.8%, according to the government.

Additional work and contributions

If you’re working and paying National Insurance, you will be adding to your National Insurance record. It’s important to check you’re receiving National Insurance credits if you’re eligible for them. If you receive Child Benefit, for example, even if you’re earning over the threshold (£80,000 from 6 April 2024), you can opt to receive National Insurance credits that count towards your record.

Common questions about State Pension forecasts

Here we look at some of the most common questions around State Pension forecasts to help you understand how they work.

Can my State Pension forecast change?

Your State Pension forecast will change over time. It is based on your current contributions and these may change – if for example you change jobs, start work or become unemployed. And it should be seen as an estimate, not a guaranteed amount.

What if I have gaps in my National Insurance record?

If you have gaps in your National Insurance record you may be able to make voluntary contributions or claim credits for these years.

How does the pension triple lock affect my forecast?

The pension triple lock system determines how much the State Pension rises by each year. This year it rose by 8.5%, pushing up the full State Pension to £221.20, from £203.85. It will affect your pension because it is the level currently used to increase the State Pension. Any changes from the pension triple lock will be factored into your pension forecast.

Here is how the pension triple lock has changed the State Pension over the last five years:

Summary: Checking your State Pension forecast

It’s easy and quick to check your State Pension forecast. It can show you an estimate of how much you will receive when you’ve reached State Pension age.

Checking your State Pension is key if you want to find out the value of your pension. It will also show any gaps in contributions. The earlier you check, the more time you will have to boost your overall pot.