10m savers use state pension forecast
11th September 2018
More than 10 million savers have used the government's state pension forecast facility, following its launch in 2016.
The online Check Your State Pension service enables retirement savers to find out how much they could get from the state pension, and when they are due to receive it.
Users are also able to spot any gaps in their national insurance record, so they can fill in any missing years, which determines how much state pension they'll receive.
Retirement savers need 35 completed years of national insurance contributions to qualify for the full new state pension of £164.35 per week, or £8,546.20 a year.
Former pensions minister Steve Webb said the popularity of the service shows the importance of including state pension data in the pension dashboard.
Webb, now director of policy at financial services mutual Royal London, said:
"This is a very significant milestone and shows the huge level of public interest, not only in their private pension but in their state pension.
"For that reason, it is vital the proposed pension dashboard includes state pension information from the outset.
"The transition to the new [state pension] system will take some years, and it's important that older workers use the online service to make sure they know exactly what they are going to get."
Need to start planning for your retirement? Not sure if your savings will stretch? Talk to us now about your state pension.