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Many Adults Have Never Checked State Pension Forecast, HMRC Warns
Confirmed
In Short: During Pension Awareness Week, HMRC is urging people to check their State Pension forecast, with 45 to 54-year-olds being the least likely to have done so.
HMRC is encouraging people of all ages to download and use the free and secure HMRC app and the Tax Confident website to help them get ready for retirement and understand what to expect, as part of Pension Awareness Week from September 15 to 18.
Research shows that 45 to 54-year-olds are more likely than any other age group to have never checked their State Pension, despite it being a key time for retirement planning.
According to a survey, almost a third of people have checked their State Pension using the HMRC app or online, while 17% only think about their pension at major financial moments such as the start of a new tax year.
Common reasons for delaying include feeling retirement is still too far away to think about, worrying about losing track of pension pots from previous jobs, and concerns about how career breaks might affect their entitlement.
Myrtle Lloyd, HMRC’s chief customer officer, said: 'Checking your forecast on the HMRC app takes just a few minutes but can make a real difference to how prepared you feel for the future.
What's confirmed
- One in eight adults have never checked their State Pension forecast.
- The HMRC app allows users to check their State Pension forecast, understand any potential gaps in their National Insurance record, and top up their contributions if they're eligible to do so.
What's still developing
- NEXT MEETING - 14th Sept : Equality Diversity & Inclusion In The Workplace Almost 7 million adults could be missing out on information to help prepare them for their retirement.
- HMRC’s Tax Confident website offers guidance on the practical tax matters that come with retirement, including how the State Pension counts as taxable income, managing tax while working and receiving a pension, and understanding savings, investments and inheritance tax in retirement.
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