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Personal Pension Calculator - how much income could you receive at retirement?

Click here to launch the calculator

If you have trouble launching the application, try and temporarily enable pop-up windows. Alternatively, use this link.

This updated calculator may not function correctly on older versions of Internet Explorer. In the first instance you should consider updating your browser or using an alternative browser. If this is not possible, you can use the previous version of the calculator.

The personal pension calculator is a tool to help you calculate how much income you might receive at retirement, based upon the amounts saved during your working life.

You may currently be a member of your employer's pension scheme (either a final salary or money purchase arrangement), pay contributions into a personal pension or stakeholder pension, have several arrangements from previous periods of employment (such as a deferred or paid-up occupational pension schemes, Retirement Annuity contracts, etc), or you may have a combination of the above arrangements or no pension provision whatsoever.

In order to calculate how much you need to save to provide your required retirement income at your chosen retirement date, you will need to take into account your current arrangements. By making a mathematical estimate of how much pension (or the value of your accumulated pension fund) you will have available at your chosen retirement age (if assumptions about fund growth and inflation prove correct), you will have a reasonable idea of the 'shortfall' you need to fund for in order to meet your objectives. This tool will simply give you a 'ball-park' figure, and we cannot stress enough to review your arrangements at regular intervals (once a year as a minimum).

IMPORTANT NOTE: Please ensure that you correctly enter the premiums as 'gross' or 'net' amounts - i.e. the amounts before or after basic rate tax relief has been applied. If you have a personal pension or stakeholder plan (or are considering starting a personal pension / stakeholder), premiums are paid 'net' of tax relief. i.e. if you pay £80 per month into a personal pension, tax relief of 20% will be given at source, and £100 will actually be applied to your plan. In this instance enter £80 as the net premium.

[If your employer is also making contributions on your behalf to your personal pension or Group Personal Pension (GPP) this is slightly more complex, as the employer contribution is paid gross, but the employee premium is paid net. If your employer is running a 'salary sacrifice' arrangement, then it becomes even more complicated]. However, members of Occupational Money Purchase schemes have their premiums deducted by their employer from gross earnings before income tax is applied - so, if £100 is deducted as contributions before your income is taxed, enter £100 as the premium.

Please refer to the individual help sections for further guidance on each specific point - if you are a member of a Final Salary Pension Scheme (either current or deferred), please refer to the individual help sections for further guidance on how to take these benefits into account.

October 2013 changes: This calculator has been updated to allow you to alter factors such as growth rates and annual management charges should you need to modify the pre-set variables.

The figures projected by the calculator are only for guidance purposes, and are by no means guaranteed.