Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • pro bono
    • By pro bono 5th Jul 18, 9:32 AM
    • 66Posts
    • 19Thanks
    pro bono
    Is there a difference between Pension Forecast and Statement?
    • #1
    • 5th Jul 18, 9:32 AM
    Is there a difference between Pension Forecast and Statement? 5th Jul 18 at 9:32 AM
    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?
    Pro Bono Publico
Page 1
    • greenglide
    • By greenglide 5th Jul 18, 9:47 AM
    • 3,118 Posts
    • 2,029 Thanks
    greenglide
    • #2
    • 5th Jul 18, 9:47 AM
    • #2
    • 5th Jul 18, 9:47 AM
    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
    • By dunstonh 5th Jul 18, 9:56 AM
    • 93,430 Posts
    • 60,958 Thanks
    dunstonh
    • #3
    • 5th Jul 18, 9:56 AM
    • #3
    • 5th Jul 18, 9:56 AM
    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).
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • pro bono
    • By pro bono 5th Jul 18, 10:14 AM
    • 66 Posts
    • 19 Thanks
    pro bono
    • #4
    • 5th Jul 18, 10:14 AM
    • #4
    • 5th Jul 18, 10:14 AM
    Thank you both. Apologies for posting on the incorrect thread.
    Pro Bono Publico
    • Dazed and confused
    • By Dazed and confused 5th Jul 18, 10:19 AM
    • 2,711 Posts
    • 1,309 Thanks
    Dazed and confused
    • #5
    • 5th Jul 18, 10:19 AM
    • #5
    • 5th Jul 18, 10:19 AM
    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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,095Posts Today

6,822Users online

Martin's Twitter