Individual and Occupational Pension Forecasts

If you have an individual or occupational pension (including stakeholder pensions, personal pensions and group personal pensions), then you can ask your pension provider for a forecast of what your pension will pay when you retire. If you are a member of a company scheme, then the pension provider may be your employer.

It's worth bearing in mind that any forecast you receive is a prediction rather than a guarantee, and will be based on a number of assumptions:

• that your income will stay roughly the same in the future
• inflation
• how much your pension will grow
• how much it might cost to buy a pension income with your pension plan when you retire

These factors could change at any time, in which case you'd be advised to obtain a new forecast.

The managers or trustees of personal and some occupational pension schemes are required to send you a statement each year about your pension, which may include a forecast of how much you could get when you retire.