How to get a pension forecast

This content was reviewed and approved by Tamlin Russell.

The information on this page should not be considered as financial advice. If you are unsure what’s right for you, please make sure you speak to a financial adviser.

A pension forecast lets you find out your potential retirement income. It helps you understand what you’re likely to receive from your State Pension, workplace pension, as well as any personal pensions.

Like pension and retirement advice, pension forecasting allows you to make important financial decisions, such as increasing your pension savings, in advance of your actual retirement.

If you’re someone who’s asked: ‘How do I get a pension forecast?’, this guide covers everything you need to know so that you can plan for retirement with confidence.

What is a pension forecast?

A pension forecast is an estimate of the money you’re on course to receive from a pension scheme. It covers any type of pension – state, workplace or private.

The amount of pension income you need depends on several factors, such as when you plan to give up work, the size of your pension pot and your retirement goals. Even though it is just an estimate, a pension forecast is a useful tool that can help you work out a budget, increase your contributions and plan for the future.

You can also get a better understanding of your potential pension income using our pension annuity calculator.

How do I get a pension forecast?

You can obtain a pension forecast in many ways, depending on the type of pension.

How to get a State Pension forecast

According to Gov.uk, the 2025 UK State Pension is worth:

• £230.25 a week for the full, new flat-rate State Pension (for those who reached state pension age after April 2016).
  
• £176.45 a week for the full, old basic State Pension (for those who reached state pension age before April 2016).

However, not everybody qualifies for the full State Pension, and what you’ll receive is based on several things, including: 

1. Date of birth

State Pension rules changed in 2016. This affects men born after 6 April 1951 and women born after 6 April 1953.

2. National Insurance (NI) contributions

The amount of National Insurance contributions you’ve made. You normally need 35 years to receive the full State Pension and a minimum of 10 years to claim anything.

3. ‘Contracted out’ pensions

Whether you paid lower NI contributions by ‘contracting out’ of the old additional State Pension prior to 6 April 2016.

4. Additional government pensions

If you’re entitled to additional pensions, such as the war pension for service people injured pre-2005. This could increase how much pension income you get.

The government’s State Pension forecast tool allows you to check how much money you’re likely to receive. You can also use their State Pension age tool to work out the earliest date you can start receiving it. If you’re missing any qualifying years, it also suggests ways to boost your State Pension with voluntary National Insurance contributions.

How to get a workplace pension forecast

Workplace pensions fall into two categories: defined benefit (final salary) pensions or defined contribution schemes.

If you have a defined benefit or final salary pension, you should receive an annual summary of the benefits you have built up. It may be hard to estimate what you'll actually get until you’re close to retirement, as the amount you’ll receive often depends on your future salary and the length of time you work for your employer.

It can be easier to understand defined contribution schemes. Providers must send you an annual statement, which will confirm the value of your pension pot and may include an estimate of your possible pension income. You should receive this automatically, but if not, ask your employer or the pension company to provide one for you.

How to get a personal pension forecast

Personal pension schemes typically cover any pension that is not a State Pension or workplace pension.

Personal pension providers should supply regular updates on your contributions and the value of your pension pot. You can also request a pension forecast directly from them.

Whether you’re paying into a self-invested personal pension (SIPP), stakeholder pension or personal pension, you’re entitled to request a forecast from your provider and receive an annual summary.

If you’re unclear what your future income might look like, speak to a pension and retirement adviser.

How do I track down lost pensions?

You may have opened multiple pensions over the years, whether workplace pensions from different employers or private schemes. These can be hard to keep track of, especially if you change jobs regularly.

There is no limit on how many pensions you can have, and you may find it beneficial to combine your various pension pots into one plan. Not only could this save on management fees, but you can also transfer funds from frozen pensions that you no longer pay into to a single scheme with greater benefits.

If you’re trying to access a lost or frozen pension, the UK Government’s online Pension Tracing Service helps you find contact details to search for lost pensions. You’ll need the name of the employer or pension provider to use the service. You can then find contact details for:

• your own workplace or private pensions,
• someone else’s scheme with their permission.

If you’re the owner of multiple pensions, a professional pension and retirement adviser can help you weigh up the advantages and potential drawbacks of consolidating your pensions.

How else can I plan for my retirement?

Once you get a pension forecast, you’ll have a better idea of your estimated retirement income. You may find this falls short of your expectations and won’t support the lifestyle you’d hoped for.

Retirement planning is something you may begin to consider as it approaches, and working out the most efficient way to save can be daunting. With the right planning, you can make your money go further and enjoy more of what you love later in life.

Consulting a financial adviser can help you access new ways to boost your pension pot, even if you’re close to retirement age. They can also help you reassess your retirement plans and create a roadmap towards financial security when you leave full-time employment.

Do you need a pension forecast?

A pension forecast has many benefits, especially if you’re planning for your golden retirement years. You can request one from the government, your employer or private pension provider to gain a clearer picture of your future finances.

While forecasts are only estimates, they can help you plan more effectively, set realistic budgets, and boost your retirement savings for long-term security. If you’re looking to get a pension forecast, request a call back from our pension advisers today.