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.
