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More than 1.5 million personal State Pension forecasts requested since the launch of the new State Pension

21st November 2016 Print

In the 6 months after the launch of the new State Pension in April, more than 1.5 million personal State Pension forecasts were issued.

This compares to the 860,000 State Pension forecasts issued in the previous 12 month period.

Eighty percent of the forecasts requested were viewed online, highlighting that people are welcoming the opportunity to access key information about their pension quickly and in real time.

This huge rise in people accessing the ‘Check your State Pension’ online service has been welcomed by the Pensions Minister, Richard Harrington who wants more people to plan early for retirement and take more control over their finances. He said:

Not only is the new State Pension system simpler, but it’s now easier than ever before for people to find out what they can expect to receive when they retire.

Just as we’ve seen more people using online banking, so too are people welcoming the opportunity to take more control over their State Pension.

I want to encourage everyone to use this online service to help them make informed decisions about their retirement, and I’m delighted that so many savvy savers are already doing this.

‘Check your State Pension’ was available to the public on 11 February 2016. In that month it received 18,000 visits, but by September 2016 this figure had risen significantly to 343,000.

Anyone of working age can use the service to access their State Pension forecast. It provides a personalised estimate of what they may receive and highlights any gaps in National Insurance contributions, and whether these can be filled with voluntary contributions.

User satisfaction with the online service is high, currently around 90%.