Combined Pension Forecasts
Combined Pension Forecasts allow employees to see forecasts of both their state and current private pension provision together for the first time. Combined pension forecasting involves the Department for Work and Pensions (DWP) giving your employer details of the current State Pension that you have built up at the time of the forecast and a projected State Pension that has been worked out up to State Pension age. This is then included in the pension statement sent out by your company.
- What is a Combined Pension Forecast (CPF)?
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Quite simply a CPF is a free service offered to employers, pension providers and third party administrators by the Department for Work and Pensions (DWP) to enable both private and State Pension information to be seen by an individual where previously they would only receive an annual statement for their private pension.
- What is the point of a CPF?
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Combined forecasting is a key method for informing individuals of their likely financial position in retirement. The provision of regular updates at all stages of an individuals working lives aims to allow choices to be made earlier about additional pension provision.
- Do I have to receive a CPF?
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No, if your employer decides to provide CPF's you can opt out. You will then receive a statement of just your private pension provision.
- My pension scheme does not offer this service, are they breaking the law?
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No, CPFs are not compulsory
Q & As
