The government has issued 1.5 million personal state pension forecasts since the introduction of the new state pension six months ago, it has revealed.

This compares to the 860,000 State Pension forecasts issued in the previous 12 month period.

Eighty percent of the forecasts requested were viewed online, highlighting that people are welcoming the opportunity to access key information about their pension quickly and in real time.

This huge rise in people accessing the ‘Check your State Pension’ online service has been welcomed by the Pensions Minister, Richard Harrington who wants more people to plan early for retirement and take more control over their finances.

“Not only is the new state pension system simpler, but it’s now easier than ever before for people to find out what they can expect to receive when they retire. Just as we’ve seen more people using online banking, so too are people welcoming the opportunity to take more control over their state pension,” he said.

“I want to encourage everyone to use this online service to help them make informed decisions about their retirement, and I’m delighted that so many savvy savers are already doing this.”

‘Check your State Pension’ was made available to the public on 11 February 2016. In that month it received 18,000 visits, but by September 2016 this figure had risen significantly to 343,000.

Anyone of working age can use the service to access their State Pension forecast. It provides a personalised estimate of what they may receive and highlights any gaps in National Insurance contributions, and whether these can be filled with voluntary contributions.User satisfaction with the online service is high, currently around 90 per cent.

AJ Bell senior analyst Tom Selby said that as the state pension is the bedrock upon which savers’ retirement futures are built, it is essential to know how much you will get, and when.

“While the new flat-rate state pension for future retirees of around £155 a week is fairly straightforward to understand, the old system under which many people accrued benefits was riddled with complexity. This means some people reaching state pension age in the coming years will be entitled to more than the flat-rate amount – and some a lot less.

“Furthermore, the full flat-rate state pension amount is only available to those who build up 35 years of National Insurance contributions, with a minimum of 10 years needed to get anything at all. You can also get NI ‘credits’ if you are not in full-time employment but receive child benefit, get jobseekers’ allowance or care for an elderly relative.

“Ultimately it’s never too early to start thinking about retirement. But the older you are the more urgent it is to get your affairs in order and make sure you know what you’re likely to get from the state, and how much you’ll need on top of that to fund your retirement.”

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