State pension: Incorrect forecast sent to UK pensioners – how much should you get? | Personal Finance | Finance

[ad_1]

State pension is a payment made to pensioners who have paid enough national insurance.

Not everyone gets the same sum, however, and knowing what you are in for helps to budget.

However, an investigation by This is Money found that incorrect state pension forecasts were sent to pensioners.

They claim a number of people received state pension forecasts which overestimated the amount they would receive.

Now they say these people are looking at a poorer retirement than they expected.

This is Money claimed many readers have contacted them to report what has happened, after they reported on the case of Sandra Irving, 62, who was told she would get the full state pension amount, when she was really due £22 a week less.

The amount of state pension a Briton is entitled to is dictated by how much national insurance they have paid.

National insurance is paid like a tax, taken automatically from your wages.

You must have paid a minimum of 10 years worth of national insurance to qualify for any state pension at all.

To qualify for the full new state pension you must have paid 35 qualifying years.

What is a state pension forecast?

A state pension forecast tells Britons how much they can expect to get when they reach state pension age.

The government has a tool on its website that enables Britons to check various things about their state pension.

Using this tool you can check how much state pension you could get (also known as your state pension forecast).

It can also tell you what you can get now and how increase the amount you can get.

The government said: “If you’ll reach your State Pension age in more than 30 days, call the Future Pension Centre and ask for a statement.

“You can’t use this service if you’re already getting your State Pension or if you’ve delayed (‘deferred’) claiming it.”

Those who need extra help with their state pension may be able to claim state pension credit

The benefit helps Britain’s poorest pensioners and is based on their income and is split into two different kind of credits.

Guarantee credit tops up a pensioners weekly income if it’s below £167.25 for single people and £255.25 for couples.

Savings credit can add up to £13.73 per week for single people and £15.35 for couples.

[ad_2]

Source link