Pensions: Forecasts

Work and Pensions written question – answered on 11th March 2009.

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Photo of Steve Webb Steve Webb Shadow Secretary of State for Work and Pensions

To ask the Secretary of State for Work and Pensions how many requests for pension forecasts the Pension Service has received in each of the last 12 months; how many and what proportion of those forecasts were set (a) within 10 days, (b) between 10 and 20 days, (c) between 20 and 30 days, (d) between one and two months and (e) two months and longer of receipt of the request; and if he will make a statement.

Photo of Rosie Winterton Rosie Winterton Minister of State (Regional Affairs) (Yorkshire and the Humber), Minister of State (Department for Work and Pensions) (Pensions Reform) and Minister (Yorkshire and the Humber)

The information is not available to enable the separation of the number of requests for Individual Pension Forecasts from the total number of inquiries received via the Pension Forecasting IT service. Therefore the information given relates to the total number of forecasts issued.

The number of customers who have been issued with an Individual Pension Forecast via the Pensions Forecasting IT system in the last 12 months is in the following table.

Within 10 days Between 10 and 19 days Between 20 and 30 days Between one and two months Over two months Total
No. % No. % No. % No. % No. % No. %
2008
February 23,484 86.08 1,396 5.12 660 2.42 306 1.12 1,437 5.27 27,283 100
March 21,109 87.10 627 2.59 768 3.17 226 0.93 1,505 6.21 24,235 100
April 21,838 87.17 514 2.05 778 3.11 278 1.11 1,643 6.56 25,051 100
May 15,931 88.03 183 1.01 681 3.76 128 0.71 1,174 6.49 18,097 100
June 15,868 88.45 143 0.80 259 1.44 474 2.64 1,197 6.67 17,941 100
July 17,656 86.83 399 1.96 561 2.76 519 2.55 1,199 5.90 20,334 100
August 20,599 88.17 690 2.95 755 3.23 525 2.25 793 3.39 23,362 100
September 44,458 94.36 1,401 2.97 706 1.50 378 0.80 173 0.37 47,116 100
October 51,550 93.61 1,507 2.74 1,256 2.28 568 1.03 186 0.34 55,067 100
November 54,177 94.65 1,551 2.71 921 1.61 486 0.85 105 0.18 57,240 100
December 41,330 96.53 666 1.56 529 1.24 261 0.61 31 0.07 42,817 100
2009
January 65,057 97.05 981 1.46 858 1.28 70 0.10 n/a n/a 66,966 100

The number of customers who received an Individual Pension Forecast from the e-service Real Time Pension Forecasting system is in the following table. All forecasts are produced in real time.

Month Number of forecasts issued
2008
February 5,318
March 5,883
April 6,350
May 4,395
June 2,957
July 26,353
August 25,453
September 27,759
October 31,061
November 35,490
December 23,731
2009
January 35,264
Total 230,014

PDCS also provided state pension information to pension providers to enable 1,093,986 Combined Pension forecasts to be produced in the period September 2008 to January 2009.

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