If you are approaching retirement you may be wondering whether your state pension will amount to roughly £13,000 a year. The answer depends on your individual National Insurance contributions and on whether you are eligible for the older basic state pension or the newer single-tier state pension introduced in 2016.
How to get your personalised state pension forecast
The simplest way to see what you are likely to receive is to request a state pension forecast from the government. You can do this online through your personal tax account on the GOV.UK website, where the service shows your current State Pension forecast and a breakdown of your National Insurance record. If you cannot access the internet, the government also offers a telephone and postal service to request a forecast.
What the forecast tells you
A forecast will indicate the weekly or annual amount you could expect at your State Pension age, based on your contributions to date. It also highlights any gaps in your National Insurance record and the date at which you become eligible for payment. Use the forecast to compare what you would receive if you continued working, if you deferred claiming the pension, or if you made additional National Insurance contributions.
Steps you can take now
If your forecast shows a lower amount than you hoped, there are several options to consider. You may be able to make voluntary National Insurance contributions to fill gaps in your record, work for longer to build additional qualifying years, or defer taking your pension to increase future payments. Some people also become entitled to credits (for example, for caring or limited capability to work) that can fill missing qualifying years — the forecast and your National Insurance record will indicate where such gaps exist.
Seek tailored advice if necessary
State pension rules and the best course of action can vary widely by individual circumstances, including pension age, past employment history and any periods spent overseas. For many people, logging into the online state pension service will give clear guidance; others may prefer to consult an independent financial adviser to explore options such as voluntary contributions, deferral or private retirement savings.