Tell us a few personal details and how much income you’d like when you retire and we’ll let you know if you’re on track. You can also carry out a quick comparison to see what effect making a few changes to your retirement plans might make. By using this tool, you consent to our use of your information. We don’t retain any of the information inputted into the retirement planner.
The retirement planner assumes you’re using an annuity to provide your retirement income. There are other options available which may be more suitable for your individual circumstances. Go to the Retirement page for more information.
We’ve assumed that your investment grows at 2.5% each year above inflation and that an annual charge of 1% is deducted from your fund. The charges for your plan may be different.
If a financial adviser recommends a particular investment product for you, they must provide you with Key features, together with an illustration, based on your individual circumstances.
The retirement planner gives you an idea of what you could get when you retire. What you actually get will depend on how your investments perform and could be more or less than the amounts shown. Please read our important information before you start so you understand how the retirement planner works and the assumptions we’ve made. Select the link below to start using the tool.
- The figures shown are for illustration purposes only. Remember that investment returns are never guaranteed. So you could get back less than what you put in.
- Your annual contributions are limited to 100% of your gross UK earnings. Also, the Government has set a limit on the amount of pension contributions you can make each year before they’re taxed. This is called the annual allowance. The annual allowance for the 2018/19 tax year is £40,000, which means you could contribute £40,000 before a tax charge may apply.
- Key features, together with an illustration, based on your individual circumstances, will be provided before you make a decision to invest.
- You may be charged for any advice given by your financial adviser. Any such charge or cost should be confirmed at outset. No allowance has been made for commission or fees paid for financial advice.
- We’ve assumed that your investment grows at 2.5% each year above inflation and that an annual charge of 1% is deducted from your fund. The charges for your plan may be different, depending on which fund(s) you choose. The rate at which your investment grows will also depend on your chosen fund(s).
- Contributions you make to a pension will normally receive basic rate tax relief, even if you don’t pay tax. For every £1 you invest, the taxman can put in another 25 pence. Higher rate tax payers may be able to claim extra tax relief. You can only receive tax relief on your contributions up to the higher of £3,600 or 100% of your gross earnings, in each tax year. This applies to all contributions you make to other plans you may have with us and other providers. There’s no tax relief on your employer’s contributions, if included. If you’d like more information, you should speak to a tax specialist who will be able to advise you on your individual circumstances.
- References to taxation are based on our understanding of the current law and practice in the 2018/19 tax year and may be affected by changes in legislation or your individual circumstances. Annual amounts of earnings thresholds and limits are used when calculating National Insurance Contributions.
- Where you’ve indicated that new State pension is to be included in the figures, we’ll assume you qualify for the full single person’s new State pension. For more information and to understand if you are eligible for the full amount, go to www.direct.gov.uk.
- We’ve assumed that you and your employer’s contributions will increase by 2.5% each year.
- We’ve assumed that you take 25% of your plan as a tax-free cash sum.
- Your projected monthly income is taxable and is based on the remaining fund after the tax-free cash sum is paid.
- We’ve assumed that your projected monthly income is paid in monthly instalments at the start of each month for the rest of your life and increases at 2.5% every year, with a 50% spouse’s pension if selected.