Be Wary Of Pension Forecast

If you are thinking about retirement, it is essential to check your state pension forecasts with experts, after the government system has proved unreliable.

“Some 300,000 people nationally are thought to have received inaccurate pension forecasts from the online portal,” says Belmayne partner, David Bashforth.

Workers who have been ‘contracted out’ for periods of their employment are most likely to be affected by the forecasting issue. This includes membership of defined benefit or final salary schemes, as well as those owning personal pension plans that were set up to receive the national insurance rebate.

David continued: “Checking your state pension benefits is relatively straightforward using the Government Gateway portal, however, it has come to light in recent weeks that the information provided to some users is incorrect. I would urge you to seek guidance, especially if you know you were contracted out or suspect your forecast doesn’t reflect this.”

We help clients maximise their state pension entitlement by identifying gaps in national insurance contributions and taking steps to fill them. Our partners also advise people who may have been contracted out for their entire working life, for example, police officers, teachers and some NHS workers on how to rectify any shortfall.

If you would like us to take a look at your state pension forecast, telephone (01246) 298181, email: david.bashforth@belmayne-ifa.com or drop into our free financial surgeries, every Wednesday from 1-7pm.

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