personal finance

State pension forecast: How to work out amount after 360,000 were revealed to be incorrect

Government figures suggest that more than 12 million state pension forecasts have been issued since 2016.

The Minister indicated in the recent letter that those who have been members of a Defined Benefit pension scheme with “complex” work histories may be at the greatest risk of an incorrect forecast.

He also said that in cases where the online forecast is erroneous, staff have intervened in order to ensure that the paper version is valid.

A Department for Work and Pensions (DWP) Spokesperson told “We are aware that a small proportion of online State Pension forecasts may have been affected by errors.

“We apologise to those affected for the inconvenience. Our officials are working urgently with HMRC to make sure this problem is resolved as quickly as possible.”

Those who wish to check their state pension amount, may do so, by using the forecast tool to get a statement online.

Alternatively, people who will be reaching their state pension age in more than 30 days may ask for a paper statement.

In order to do this, they should contact the Future Pension Centre and request the statement.

It’s also possible to access this paper version by completing the BR19 application form – available on the government website.

After sending this by post, one should get their statement within 10 working days.

Those who are already getting their state pension, or have delayed it, should contact the Pension Service for more information – if they’re based in the UK.

Pensioners living abroad should contact the International Pension Centre if they require more information on the matter.

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People who have worked and paid National Insurance in the Isle of Man are directed to contact the Future Pension Centre in order to get information about their state pension.

Some may wonder whether state pension payments are taxable.

Tax may be payable on this type of income, however it is not on Pension Credit.

Pension Credit is an income-related benefit. The DWP said last week that more than a million people are eligible for the payments, but not yet claiming it.


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