Retirement State Pension Forecast

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	Why you may find a Retirement Pension forecast useful			A Retirement Pension forecast will help you to assess the value of the state provided pension fund you have accrued to date, to start planning for your retirement. Although your state pension is almost certainly not going to provide an adequate income for your future retirement, it should not be ignored altogether. It will still be to your advantage to learn what the current value of your expected state pension might be, if for no other reason than to spur you on to make adequate alternative private plan arrangements. You may even find it beneficial to make voluntary National Insurance contributions to boost the number of qualifying years to gain a better state pension on retirement.
	Who can get a Retirement Pension forecast?			You can request a Retirement Pension forecast if you are more than 4 months away from state pension age. If you are within 4 months of state pension age, you should have received a Retirement Pension claim pack. If you have not, you should contact your Social Security office immediately.
	What your Pension forecast will tell			Basic Pension: The Basic Pension is the part of the retirement pension that is based on the National Insurance contributions paid or credited to your account during your working life. Your forecast will tell you in today's money values, the amount of the Basic Pension you have already earned, and the amount of Basic Pension that you can expect at state pension age. Additional pension: Also known as SERPS, this is the part of the retirement pension that depends upon your earnings since April 1978. Your pension forecast will tell you in today's money values, the amount of Additional Pension you have earned to date. It will also estimate the Additional Pension you can expect to receive at state pension age, based on your current earnings. Graduated Retirement Benefit: This is the part of the retirement pension that depends upon the amount of graduated National Insurance contributions you may have paid between 1961 and 1975, if you were working at this time. Your forecast will tell you in today's money values how many units you have accumulated, and what they are worth.
	If you are widowed or divorced			Your late or former spouse's National Insurance contributions can sometimes be used to help you get a better pension. Your pension forecast will tell you in today's money values the amount of pension you can expect by using your late or former spouse's National Insurance contributions, if this will give you a better pension than using your own contributions.
	To get a Retirement Pension forecast			Contact your local Benefits Agency office, and ask for form BR19 Application for Retirement Pension forecast. Complete and send the BR19 to the address designated on the form. It will take an average of 17 working days from receipt of your application to prepare your forecast. It may take up to 40 working days if you are widowed or divorced.
	Further information			Further information is available on the Benefit Agency website, www.dss.gov.uk