Pension calculator

Our pension calculator is designed to give you an idea of what income you could get when you retire.

Simply tell us a few personal details and how much income you'd like and we'll let you know if you're on track.

Before you start using the calculator, please read our important information to understand how it works and the assumptions it makes to create the final report.

The final report doesn't provide personalised advice or recommendations. What you actually get when you retire will depend on how your investments perform - this could be more or less than the amounts shown.

  • 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 2017/18 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 2017/18 tax year and may be affected by changes in legislation or your individual circumstances.

  • 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.

Our other retirement planning tools 

Speak to a financial adviser

We recommend that you speak to a financial adviser before making any changes to your plan. 

If you don't already have an adviser, you can find one in your area by using our handy tool, powered by unbiased.co.uk. 

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