Is there a difference between Pension Forecast and Statement?

pro_bono

I am trying to project my finances for my State pension age (66) in three years time. I have my latest forecast from DWP which gives me a "most you can get" figure. This is not helpful because I would need a "minimum you will receive" figure for it to be of any value. I have looked at the forums and see discussions using both of these terms.
Is there any way to get a more definite figure. The amount forecast is more than the new fixed State Pension, so I think I am asking wether anyone has fallen foul of expecting the forecast amount only to receive less?

greenglide

If the figure is greater than the nSP maximum then at 5/4/2016 you were already entitled to more than the nSP maximum due to GRAD/SERPS/S2P.


You cannot increase that but equally you will great that (subject to inflation increases).


So there is nothing more to tell you.

dunstonh

I have looked at the forums and see discussions using both of these terms.

The forum discussions tend to be about personal pensions and not state pension. Some people think that personal pension statements are a prediction or forecast and don't realise they are not. They are just projections using assumptions.

The state pension though is pretty black and white. it tells you what you have currently have and what you are on track for (if you haven't built up full entitlement yet).

pro_bono

Thank you both. Apologies for posting on the incorrect thread.

Dazed_and_confused

You can check your current State Pension entitlement in five minutes by looking on your Personal Tax Account on gov.uk.

Read the details carefully as it usually starts with the "most you can get" amount but it also tells you what you have accrued so far.

The only caveat is that the 2017:18 tax year may not be included yet so you might actually have a slightly higher entitlement than is currently quoted.