So, if you’re just starting to plan or getting close to the big day, our free calculator gives you a clearer idea of how long your pension could last and what you can do if things aren’t quite adding up.
Retirement should be something to look forward to - not stress about.
Calculator assumptions
Calculator assumptions
- Inflation is assumed to be 2.5% per year, reflecting a long-term estimate for both general costs and pension income growth.
- This does not account for the planned increase in State Pension age from 67 to 68, expected between 2044 and 2046 (subject to government review).
- Taxes, Lump Sum Allowance (LSA), and Tax-Free Cash (TFC) withdrawals are not factored into these calculations.
- Maximum annual pension contributions are set at £60,000 (the current tax relief limit for most people). This may be lower for higher earners due to tapering rules. Please note: this calculator limits annual contributions to £10,000.
- State Pension is assumed to increase by at least 2.5% per year, in line with the UK Triple Lock policy, though this is subject to future government changes.
Just so you know…
This calculator is here to give you a general guide – it’s not personalised financial advice.
Pensions are long-term investments, and like most investments, their value can go down as well as up, meaning you could get back less than you originally paid in.
Tax rules may change in the future, and how they affect you will depend on your personal circumstances and where you live in the UK.
- Calculator assumptions
Calculator assumptions
- Inflation is assumed to be 2.5% per year, reflecting a long-term estimate for both general costs and pension income growth.
- This does not account for the planned increase in State Pension age from 67 to 68, expected between 2044 and 2046 (subject to government review).
- Taxes, Lump Sum Allowance (LSA), and Tax-Free Cash (TFC) withdrawals are not factored into these calculations.
- Maximum annual pension contributions are set at £60,000 (the current tax relief limit for most people). This may be lower for higher earners due to tapering rules. Please note: this calculator limits annual contributions to £10,000.
- State Pension is assumed to increase by at least 2.5% per year, in line with the UK Triple Lock policy, though this is subject to future government changes.
Just so you know…
This calculator is here to give you a general guide – it’s not personalised financial advice.
Pensions are long-term investments, and like most investments, their value can go down as well as up, meaning you could get back less than you originally paid in.
Tax rules may change in the future, and how they affect you will depend on your personal circumstances and where you live in the UK.
£19K a year
Average income people say they need for a comfortable retirement, but many underestimate their savings needs. Source: PLSA Retirement Living Standards.
1 in 5 people
Don’t know how much is in their pension or what income it will give them in retirement. Source: Money and Pensions Service.
£31 + billion
In unclaimed, inactive, or lost pension pots. Source: Pensions Policy Institute (PPI).
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