Pension calculator

How much could your pension be worth when you retire? Use our retirement planner to get an estimate

Estimated completion time: 5 minutes

Before you start

Alongside a few personal details you’ll need to have an estimate of:
  • The current value of your pension(s)
  • How much you (and your employer if you're employed) pay into them

The calculator uses the HMRC UK Personal Allowance and tax bands for England and Northern Ireland from 6 April 2023 to 5 April 2024. Scottish and Welsh income tax thresholds may differ.

  • When you plan to retire, or start taking money from your pension(s)

You can use the pension calculator to help predict what you could get at retirement and plan for the future. It works by using assumptions on things like growth rates, investment fees, and length of investing. Just pop in details of all your pensions and we'll rustle up the numbers.

Remember, the pension calculator only gives you an estimate and your future income may differ significantly from the figures provided. It isn’t intended as a recommendation or personalised advice.

If you do want to make changes to your pension, we strongly recommend you talk to a financial adviser. If you would like more information about getting financial advice, visit our financial advice webpage.

Tax benefits are subject to change and depend on individual circumstances.

What you’ll find out

Answer a few simple questions to see an estimate of how much you may be able to retire on from the time you turn 55 (57 from 6 April 2028 unless you have a protected pension age) if you were to use a flexible income (drawdown), a guaranteed income (annuity), or withdraw your pension(s) as cash.

Up to 25% of your pension(s) is available tax-free with the remainder being taxable. As you go through the tool, you will learn more about these options.

A flexible way to fund retirement

You can take money directly from your pension to suit your needs and keep the rest invested with income drawdown. While invested, its value can go up and down. 

Get a guaranteed income for life

Use your pension to buy an annuity, which will pay you a regular guaranteed income for the rest of your life. Once bought, the annuity usually can’t be changed. 

Withdrawing your pension

If you’d prefer everything in one go when you retire, you can choose to take your entire pension as a lump sum. Remember that this money may have to last you the rest of your life and you’ll need to consider the tax implications of a full withdrawal.

How our pension calculator works

Complete in 3 simple steps.

Step 1 of 3

Provide basic details about yourself

We will use your age to estimate when you will retire and how many years of income you will need.

Step 2 of 3

Input your pension information

We will use your salary, pension value and monthly contributions to estimate the value of your pension pot at retirement.

Step 3 of 3

Discover your income options at retirement

View your estimated pension value at retirement and discover the options for managing your income during retirement.

Estimated completion time: 5 minutes

Pension Wise

Pension Wise from MoneyHelper is a free, impartial, government-backed guidance service. If you're 50 or over and you want to understand your retirement options, make it your first port of call.

Visit the MoneyHelper website or call 0800 138 3944 for details.

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