- Pensions
- Pension calculator
Discover how much you could have in your pension pot in the future
Try our pension calculator
A pension is a long-term investment. Its value can go down as well as up and could be worth less than was paid in. Laws and tax rules may change in the future. Your own circ*mstances and where you live in the UK will also have an impact on tax treatment.
Check to see if your savings are on track
The pension calculator will help you learn if your pension savings are on track for the lifestyle you want after you stop working. Find out:
- The projected value of your retirementsavings
- If you're saving enough to meet your retirement goals
- If you have any shortfall
Before you begin, you'll need an estimate of the current value of your pension pots, how much you (and your employer) pay into them, and the age you plan to access your money.
Pension Calculator
2.Your goal
3.Existing pensions
4.Results
5.Summary
1.About you
2.Your goal
3.Existing pensions
4.Results
5.Summary
Your salary must be greater than £1000 to a maximum of £1,000,000
Please confirm your genderGenderTo establish when you will receive the Single-Tier State Pension
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You must be at least 16 and at least one year away fromreceiving your state pension.This tool is not suitable for people who are living withinayear of, or receiving their Single-Tier State Pension.
Your salary must be greater than £1000 to a maximum of£1,000,000
Please confirm your genderGenderTo establish when you will receive the Single-Tier StatePension
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More moderate 70%
Current lifestyle 80%
More options 90%
More prosperous 100%
Based on the research, to maintain you may need 50.00% of your final salary before tax. This may give you approximately £NaN of your final salary before tax. This may give you approximately
Please select yes or no before continuingDo you have any existing pensions?
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What sort of retirement lifestyle would you like?
More limited 60%
More moderate 70%
Current lifestyle 80%
More options 90%
More prosperous 100%
Based on the research, to maintain you may need 50.00% of yourfinalsalary before tax. This may give you approximately £NaN a year at retirement (intoday'smoney terms). You may want more or less than this.
Please select yes or no before continuingDo you have any existing pensions?
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The fund value must be between £1000 and £1,000,000You can contact your pension provider for a current value, look at your last annual statement or an estimate will do.
The total of your payments that are eligible for tax relief cannot exceed 100% of your salary.You may be subject to additional tax charges if you pay over the annual allowance into your pension plans in a tax year, this tool does not take account of this tax charge. close
or
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Please enter a valid numberYou may be subject to additional tax charges if you pay over the annual allowance into your pension plans in a tax year, this tool does not take account of this tax charge.close
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%
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Do you have any existing pension funds?
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Please enter a valid numberYou may be subject to additional tax charges if you pay over the annual allowance into your pension plans in a tax year, this tool does not take account of this tax charge. close
or
%
Please enter a valid number, the fund value must be between £1,000 and £999,999The total of your payments that are eligible for tax relief cannot exceed 100% of your salary. The one-off payment plus 12 months of regular payments can not add up to more than your salary.
Please enter a valid number, the age must be between 55 and 74Your retirement age cannot be below or equal to your current age.
Please enter a valid number, your target retirement income must be greater than £1000
Include single-tier state pension?
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The chart shows how close you are to meeting your goals.
Change the values below and see the impact these changes could have on your retirementincome.
The total of your payments that are eligible for tax reliefcannotexceed 100% of your salary.You may be subject toadditional tax charges if you pay over the annual allowance into your pension plans in ataxyear, this tool does not take account of this tax charge. close
or
%
Please enter a valid numberYou may be subject toadditional tax charges if you pay over the annual allowance into your pension plans in ataxyear, this tool does not take account of this tax charge. close
or
%
Please enter a valid number, the fund value must be between£1,000 and £999,999The total of your payments that are eligible for tax reliefcannot exceed 100% of your salary. The one-off payment plus 12 months of regularpaymentscan not add up to more than your salary.
Please enter a valid number, the age must be between 55 and74Your retirement age cannot be below or equal to yourcurrentage.
Please enter a valid number, your target retirement income mustbegreater than £1000
Include single-tier state pension?
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What you plan to do
- Your target income is £NaN each year when you retire at age
- We have assumed full Single-Tier State Pension of £9,110 each year from
- Any future payments into a pension and any existing pensions you've entered will provide£0 each year from
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Summary
Your pension details will be shown here
£24,737Shortfall
£7,860Pension
Your pension details will be shown here
£24,737Shortfall
£7,860Pension
Decide what kind of lifestyle you want in retirement in comparison to your lifestyle today.
The Pension Commission investigated the expenditure pattern of those aged 65 to 74 to those aged50-64.They discovered there was a pattern between the level of income before retirement and the amount ofexpenditure in retirement.The table below gives the percentage of final salary needed to maintain a current lifestyle whenretired.
| Gross Final Salary before retirement | Percentage of gross final salary needed to maintain current lifestyle |
|---|---|
| Less than £9,500 | 80% |
| £9,500 to £17,499 | 70% |
| £17,500 to £24,499 | 67% |
| £25,500 to £50,000 | 60% |
| More than £50,000 | 50% |
This is sometimes called a Money Purchase or Defined Contribution pension and can include AdditionalVoluntary Contributions (AVCs)
There are two main types of pension
The first type provides the benefits that can be purchased by the accumulated payments that have beenmade into the pension. For this type individuals do have their own collection of assets allocated tothem. This first type is called the defined contribution.
The second type provides benefits that are defined by a formula, often related to your salary, eitherator near retirement, or averaged in someway over your working lifetime. Since benefits are defined byaformula, individuals do not have their own collection of assets allocated to them within thepension.This second type is called defined benefit.
It is also possible to have a combination of these two main types, for example the greater of adefinedbenefit and a defined contribution. The tool is not designed to accommodate this type.
You can contact your pension provider for a current value, look at your last annual statement or anestimate will do.
If you are not still paying, leave this as 0%
If your employer does not pay in, leave this as 0%
This is sometimes called a Final Salary or Defined Benefits pension
There are two main types of pension
The first type provides the benefits that can be purchased by the accumulated payments that have beenmade into the pension. For this type individuals do have their own collection of assets allocated tothem. This first type is called the defined contribution.
The second type provides benefits that are defined by a formula, often related to your salary, eitherator near retirement, or averaged in someway over your working lifetime. Since benefits are defined byaformula, individuals do not have their own collection of assets allocated to them within thepension.This second type is called defined benefit.
It is also possible to have a combination of these two main types, for example the greater of adefinedbenefit and a defined contribution. The tool is not designed to accommodate this type.
See the statement you receive from the trustees who run the pension.
You should include the pension income amount given in today's terms, not the projected amount thatwillbe paid on your retirement age, often described as the 'revalued pension'.
This age will also be shown on the statement you receive from the trustees who run the pension. Ifyouretire before or after this age the amount of this pension could change.
Some employers may offer to 'match' employee payments. You can also use a combination of the employerandyour own payments to see what different 'matching' payments may provide at retirement. Speak to youremployer or financial adviser for the rules and the limits.
Please enter an age between 55 (rising to 57 from 6 April 2028) and 74. Certain types of company pension scheme may have rules on the age at which you wish to retire - please speak to your employer if you require further information.
Where the Single-Tier State Pension is included, we have assumed you are entitled to the full Single-Tier State Pension, which may require you to have 35 qualifying years of national insurance contributions. Currently the State Pension Age for both men and women is 66. From April 2026 the State Pension Age for both men and women will start to increase to reach 67 by April 2028. The Government is also considering the timetable for future increases to the State Pension Age from 67 to 68. Any change to the timetable needs the approval of Parliament. The tool reflects the Government's proposal regarding changes to the State Pension Age. If you don't believe you are eligible for the State Pension, you can deselect it.
Does your pension need a boost?
If you’re not on track to meet your retirement saving goals, you could consider topping up your pension with a one-off or regular payment.
Pension top up
Apply for a pension in a few simple steps
- Let us know the payments you'd like to make
- Choose your investments
- Tell us if you'd like to transfer any pensions across
Apply for a pension today
