Use our pension calculator to find out how much you should consider saving for retirement
In a few easy steps, our pension calculator will help you find out if you’re on track to get the income you want in retirement. By getting an idea of how much your pension savings might pay in the future, you could have enough time to make up for any shortfalls.
How to use this pension calculator
Simply enter your personal and pension details below to discover what your pension savings could pay in the future, and what impact the State Pension could have.
Once you’ve added your details, the pension calculator will show you an estimated pension and annual income value at retirement. If you want to find out what impact the State Pension will have on any income you could receive in the future, make sure you select this option.
Regular contributions are assumed to increase in line with inflation and to be paid monthly in advance.
Inflation - The calculator allows for annual investment growth of 2%, 5% or 8%. When calculating how regular contributions might increase, inflation is assumed to be 3% if investment growth is 5%. For 2% growth, inflation is 1% and for 8% growth it is 5%. When converting the final fund value and income to today’s money, inflation is always assumed to be 2% per year. These assumptions are set down by the Financial Conduct Authority for pension projections. The default setting is 5% and can be changed in advanced options.
State pension - We’ve assumed you’ll qualify for a full new State Pension. If your selected retirement age is greater than your State Pension age, we’ve assumed that you’ll defer your State Pension until your chosen retirement age. The State Pension figure we add will be increased to reflect this.
Annuity rates used are based on Financial Conduct Authority rules for the calculation of a future annuity, unless your retirement age is less than a year away when the annuity shown uses current rates from a range of providers. All annuities are assumed to be paid at the start of each payment period.
Your spouse/partner - If you’re male, your spouse/partner is assumed to be 3 years younger than you. If you’re female, your spouse/partner is assumed to be 3 years older than you. These assumptions are based on industry standards and may not reflect your circumstances.
Tax charges - This calculator assumes you can take 25% of your pension tax free, however the maximum cap for most people is £268,275. The calculator doesn’t take account of tax charges such as income tax deducted from pensions in payment, or tax charges which may apply to contributions over the annual allowance. Tax rules can change, and benefits depend on personal circumstances.