What does the tool do?
- It estimates how much your pension plan(s) could be worth when you retire.
- It shows how you could use your pension plan(s) and state pension to fund your retirement.
- It demonstrates ways to take a retirement income using an annuity or income drawdown.
- It gives more accurate estimates by including basic medical questions.
- It allows you to alter information, such as pension contribution levels, to see how this could affect your retirement income pot.
What information do I need to include?
- Some personal details
- The value of your pension pot(s)
- How much you and your employer contribute to your plans
- The level of income you think you may need in retirement
- Your target retirement age/when you want to start taking an income
What do I need to consider?
This tool is designed to reflect your possible retirement income based on the information you’ve provided.
It gives you an illustrative example only. It isn't intended to provide personalised advice or give a personal recommendation.
Before making decisions we strongly recommend talking to a financial adviser. You can find one in your area using www.unbiased.co.uk. You can also get free guidance from the Government’s Pension Wise website
Pension Wise has been set up by the government and offers free and impartial guidance for people retiring with defined contribution pensions. It will help you understand what your choices are and how they work.
You'll be able to get help on the Pension Wise website, over the phone or face to face.
If you are approaching retirement we recommend you get guidance or advice to help you understand your options.