Huge jump to 1.5m in people seeking state pension forecasts

In the six months after the launch of the new State Pension in April more than 1.5 million personal State Pension forecasts were issued, says the Department for Work and Pensions. This surge compares to the 860,000 State Pension forecasts that were issued in the previous 12 months. Some 80% of the forecasts requested were viewed online. The DWP says this highlights that people are welcoming the opportunity to access key information about their pension quickly and in real time.This jump in people accessing the ‘Check your State Pension’ online service has been welcomed by the Pensions Minister Richard Harrington who said he wants more people to plan early for retirement.He said: “Not only is the new State Pension system simpler, but it’s now easier than ever before for people to find out what they can expect to receive when they retire.“I want to encourage everyone to use this online service to help them make informed decisions about their retirement, and I’m delighted that so many savvy savers are already doing this.”‘Check your State Pension’ was available to the public on 11 February 2016. In that month it received 18,000 visits, but by September this figure had risen significantly to 343,000.Anyone of working age can use the service to access their State Pension forecast. It provides a personalised estimate of what they may receive and highlights any gaps in National Insurance contributions and whether these can be filled with voluntary contributions.• Meanwhile, the government has announced that the state pension will rise by 2.5% in April. The new flat rate pension will go up from £155.65 to £159.55 per week while the ‘old’ state pension will rise from £119.30 to £122.30.The increase is in line with earnings increases and the minimum payment promised to pensioners through the triple lock which is set to remain in place until 2020 although some have called for it to be scrapped.

Huge jump to 1.5m in people seeking state pension forecasts

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