The Department for Work and Pensions has apparently clocked up their 1 millionth combined pension forecast. These forecasts give pension scheme members an idea of what they might get back at retirement, from both their company pension and from the State. Whilst the statements are currently only available to pension providers and employers, the Government plans to make them more widely available from 2006.
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It is still possible to obtain the same information, even if you are not currently entitled to a combined pension forecast. You will need to contact the people that deal with your pension scheme and ask for a forecast of possible future benefits. State pension forecasts can also be applied for and are ideal if you want an idea of what you should be entitled to at retirement age.
Whilst none of the forecasts are completely accurate, they should give you an idea if your salary doesn't change dramatically before retirement. One word of warning though! Mistakes are made on pension forecasts and we would advise you to check your entitlement carefully. If you think the details they have about you are incorrect, do get in touch with the department that produced them for you. Click here to visit our pages on State Pensions Centre in the Pensions Adviser.com. Click here to download a BR19 form. This will enable you to apply for a State Pension Forecast.