HM Revenue and Customs (HMRC) has issued an important warning to UK taxpayers, urging them to verify a crucial detail about their retirement income. The alert comes during Talk Money Week, a national initiative encouraging open financial conversations.
Why You Should Check Your State Pension Now
HMRC is actively encouraging savers to download its newly improved mobile application to access their State Pension forecast. This service reveals exactly how much State Pension you can expect to receive, when you'll be eligible to claim it, and whether you can increase the amount.
Myrtle Lloyd of HMRC commented: "It's not always easy talking about finances, especially between generations. As part of Talk Money Week, we're encouraging families to lean into talking about money."
How the HMRC App Can Help
The enhanced HMRC application provides comprehensive tax information and pension details, serving as a conversation starter about financial planning. The tool specifically shows if you can increase your State Pension, for instance by paying voluntary National Insurance contributions to fill gaps in your record.
However, HMRC highlights that the State Pension age undergoes regular reviews, meaning forecast results might change in future. The service isn't available if you're already receiving your State Pension or have deferred claiming it.
Accessing Your Pension Forecast
Applying online represents the quickest method to obtain a forecast. You'll need to sign in using existing Government Gateway details or create new credentials. The identity verification process, which typically requires photo ID like a passport or driving licence, ensures your information remains secure.
For those who prefer alternative methods, if you'll reach State Pension age in more than 30 days, you can complete the BR19 application form and post it, or contact the Future Pension Centre to receive your forecast by mail.
Those already receiving their State Pension or who have deferred claiming should contact the Pension Service (if in the UK) or the International Pension Centre (if abroad) for information about their payments.
