One of the advantages of a workplace or private pension initiative is that employees can normally start claiming the money when they turn 55 — more than 10 years under the State Pension age.
Those who are a member of a workplace pension scheme usually need the consent of their employer or ex-employer to claim their pension early, and may also require the permission of the pension scheme trustees.
Meanwhile, people who have a private pension do not require the permission of their employer or provider to get their money early so long as their terms and conditions allow this.
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The State Pension, on the other hand, is unavailable until you have reached the required age — which is currently 66 for both men and women.
The State Pension forecast on the GOV.UK site allows users to check how much State Pension they could get, as well as when they can get it and how to potentially increase it.
As reported by the Daily Record, people who are already claiming their State Pension, or who have deferred it, are unable to use the tool.
In order to use the service, you will need to provide proof of your identity, which can be done in different ways dependent on individual circumstances.
Sign in with Government Gateway
You will have a user ID if you have signed up to do things like file your Self Assessment tax return online or log into your Universal Credit account.
Sign in with GOV.UK Verify
You will have this account if you’ve already proved your identity with either Barclays, Digidentity, Experian, Post Office or SecureIdentity.
Sign in with a digital identity from another European country
If you’re part of an ID scheme in a participating country, you may be able to use it here.
Create an account
If you do not already have one of these accounts, GOV.UK will help you choose whether to use Government Gateway or GOV.UK Verify.
Choose a way to prove your identity
Government Gateway
You’ll need:
your National Insurance number or UK address
a recent payslip or P60 or a valid UK passport
You can use your user ID for things like your personal or business tax account, Self Assessment, Corporation Tax, PAYE for employers and VAT.
GOV.UK Verify
GOV.UK Verify works best if you’re over 20 years old. You’ll need:
a UK address
a mobile phone
at least one valid photo ID from any country
You are able to use your identity account for things such as Universal Credit, requesting a basic Disclosure and Barring Service check (DBS) and Self Assessment.
Whichever method you choose to create a GOV.UK account, once it’s set up and verified, you can check your State Pension forecast.
Find out your State Pension forecast on the GOV.UK website here.
