Pension comparison tool
What is the average pension pot in the UK?
Find out how your pension value compares to other people your age. If you’re falling behind, don’t worry. There’s still time to make a meaningful difference.
To use the pension comparison tool, all you need to do is confirm your age and pension value below. When you get your result, you’ll also discover some top tips for boosting your pension.
Your pension value:
Average pension value:
Important information: The figures are based on an estimate derived from 'Office for National Statistics Individual private pension wealth by age and sex: Great Britain, April 2018 to March 2020’ and include defined benefit pension wealth. The figures don’t include people with no private pension provision. This isn't personal advice. If you’re not sure what’s best for your situation, you should seek advice.
Make the most of tax relief
If you’re a UK resident under 75, each time you add money to your pension the government automatically adds 20% in tax relief on top. If you pay tax at a higher rate, you could claim back up to a further 25%. Scottish taxpayers pay different rates of tax and could claim up to a further 27%.
All you need to do is make a payment to your pension. In most cases, your pension provider will automatically claim back any basic rate tax relief for you.
If you’re a higher rate taxpayer, you’ll need to complete a self-assessment form to claim back any higher rate tax relief.
If you can afford to, it’s worth maximising your pension contributions. But there are limits on how much you can pay into a pension. Typically, you can pay in as much as you earn, up to £60,000, or £3,600 if this is greater.
Money in a pension isn’t usually accessible until age 55 (rising to 57 in 2028). Pension and tax rules can change and any benefits will depend on your circumstances.
How much should I pay into my pension?
Here we explore what to consider when deciding how much to contribute, and why it pays to start early.
Review your investments
Although you can't control the stock market, you can control how you prepare and review your investment portfolio.
Reviewing how and where you’re invested can help you to better understand how different stock markets and sectors are performing, and whether the investments you hold are performing well in comparison. If they aren’t, you might consider making some adjustments.
Even the smallest difference to your pension’s investment performance can make a big difference to your pension pot when you retire.
The example below shows the impact of different growth rates on a £100,000 pension pot over ten years.
Improved investment performance
Just a 1% increase from 2% to 3% will add an extra £12,492. Remember though, this is an example and doesn’t show what your investments will actually be worth. Results do not take account of inflation or charges. Investments can fall as well as rise in value, so you could get back less than you invest.
Contact your pension provider if you’re not sure what investments you hold. If you’re looking for investment inspiration our pension investment ideas could help.
Don’t worry if your pension isn’t doing as well as you might have hoped. There’s still plenty of time and steps you can take to help boost your pension.
You’re doing well compared to others your age. But are you making the most of your pension?
Don’t worry if your pension isn’t doing as well as you might have hoped. There’s still plenty of time and steps you can take to help boost your pension. Just be careful you don’t leave it too late.
You’re doing well compared to others your age. But are you making the most of your pension in the run up to retirement?
If your pension savings aren’t where you thought they’d be, there are still plenty of steps you can take to make sure you retire on your own terms.