Personal Pension Calculator – how much income could you receive at retirement?
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
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.
If you wish to do a more in-depth analysis that takes other pension plans into account in more detail, please look at our Advanced Pension Auditor.
The figures projected by the calculator are only for guidance