HOW MUCH WILL YOU RECEIVE?

 “How can I estimate what pension income I am going to get when I retire?”

You need to gather together information about your pension position and make an estimate of what this will give you at retirement.

Firstly, if you are a current member of a Pension Scheme, or if you have a Personal or Stakeholder Pension, your Scheme administrator or your pension provider should already be sending you annual benefit statements showing your current position.

If you have been a member of a Pension Scheme in the past you should also receive annual statements, but if not you may need to write to them to get a current value. You can use our draft standard letter for this purpose.

Gather together the information you need to help build up a picture of what you will receive from your pensions. You can enter the amounts in the pension assessment form provided. This form is for your own use and its purpose is so you can keep track of your pensions.

Putting this together with your state pension benefits gives you a starting point so that you can see if you need to be doing more towards building up your pension.

 “I used to pay into a pension years ago, but I have lost track of it. Can I get help with this?”

Yes, Click on the botton at the top left of this page marked "Trace my Pension"  or simply ring ourselves on 0845 241 4150

This is a free of charge search of over 200,000 pension schemes.


Alternatively you can contact the Pension Tracing Service. 

 Address:                  Pension Tracing Agency
                                The Pension Service
                                     Whitely Road
                                Newcastle upon Tyne
                                       NE98 1BA

Telephone: 0845 6002 537

For other pension information you can contact us on 0845 241 4150 or you could contact the Pension Service (part of the Dept. for Work & Pensions)

Telephone:0845 6060 265 (Monday–Friday 08.00–20.00 hrs)

Website:www.thepensionservice.gov.uk

It is worth pointing out that most pension schemes do not “freeze” your pension when you leave. Generally the pension will increase in line with inflation, so even if you left an Employer years ago and don’t think the pension from them is worth a lot, it is worth finding out as it may be more than you think.

Summary

If you gather together the information on your current and past pensions you should be able to complete the pension assessment form in the leaflet with the information, which will give you a total of how much you will receive when you retire.

This document is for guidance only, and professional advice should be obtained before acting on any information contained herein. We cannot accept any responsibility for loss occasioned to any person as a result of action taken or retained from in consequence of the contents of this publication

Scottish Transport Credit Union Limited

Authorised and Regulated by the Financial Services Authority