The Department for Work and Pensions has shared an update about the State Pension. HMRC is encouraging people to check their State Pension forecast, as almost seven million adults could be missing out on information to help them prepare for retirement.
Research highlights age group most at risk
In a recent update published by HMRC, research showed 45 to 54-year-olds are more likely than any other age group to have never checked their State Pension, despite it 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.
'It's never too early to check'
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." Some people may think retirement may be 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 perhaps top up your contributions.
State Pension age and eligibility
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. Everyone eligible for the basic State Pension has now reached State Pension age. To get it you need to have enough National Insurance qualifying years.
You also need to be either a man born before April 6, 1951, or a woman born before April 6, 1953. If you were born on or after these dates, you’ll claim the new State Pension instead. How much basic State Pension you get depends on your National Insurance record. The full basic State Pension is £184.90 per week.
New State Pension rates
If you’re a man born on or after April 6, 1951, or a woman born on or after April 6, 1953, you’ll get the new State Pension instead. You’ll 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. Your amount could be different depending on a few factors.
