Nearly seven million adults in the UK could be missing key information about their State Pension, according to a warning from HMRC. Checking your State Pension forecast is important for several reasons, and it is never too early to start.
Some people may think retirement is too far away, but you can check your State Pension forecast on the HMRC app. You can see any potential gaps in your National Insurance record or top up contributions if you are eligible.
Age group most at risk
In a recent HMRC update, research showed that 45 to 54-year-olds are more likely than any other age group to have never checked their State Pension, despite this being a key time for retirement planning.
This week is Pension Awareness Week, and people are being urged to check their State Pension forecast and become more aware of the steps required when planning retirement.
How to check your State Pension forecast
HMRC is encouraging people of all ages to download the free HMRC app to help them get ready for retirement and understand what to expect. New research from HMRC revealed that one in eight adults (12.5%) have never checked their State Pension forecast.
Some people might have concerns about losing track of pension pots from previous jobs, or others might think it is too complicated and do not know how to check their State Pension. You can use the HMRC app to check your State Pension forecast, understand any potential gaps in your National Insurance record, and top up contributions if you are eligible.
HMRC said: "Customers can also view their tax code, Pay As You Earn (PAYE) details, employment history and Self Assessment record, giving a fuller picture of their financial position ahead of retirement." The HMRC app is free to download from the Apple App Store or Google Play Store.
You can also check your State Pension forecast on the government website. You can find out how much State Pension you could get, when you can get it, if you can increase it, and how you could increase it (for example, by paying to fill gaps). You cannot use this service if you are already getting your State Pension or if you have delayed claiming it.
Applying online is the quickest way to get a forecast. If you will reach your State Pension age in more than 30 days, you can also fill in the BR19 application form and send it by post, or call the Future Pension Centre who will post the forecast to you.
'It only takes a few minutes'
A recent survey showed millions of adults in the UK are missing out on key information. Myrtle Lloyd, HMRC’s chief customer officer, said: "It’s never too early, or too late, to check your State Pension forecast. Checking your forecast on the HMRC app takes just a few minutes but can make a real difference to how prepared you feel for the future."
"Whether retirement is decades away or just around the corner, I’d encourage everyone to check their forecast and see if there’s anything they can do now to boost their entitlement later."
State Pension age
The UK State Pension age is currently rising from 66 to 67. It will permanently reach 67 for anyone born on or after March 6, 1961. This increase will be complete by March 2028.
If you are a man born on or after April 6, 1951, or a woman born on or after April 6, 1953, you will get the new State Pension. You will need 10 qualifying years on your National Insurance record to get any new State Pension. The full rate of new State Pension is £241.30 a week, but your amount could be different depending on a few factors.
