Pension Calculator

It depends on what you have now, how much goes in each month, investment growth, fees and time. For example, a 35-year-old with a £25,000 pot, paying in £200 a month (£250 with tax relief) plus £150 from their employer, could have about £202,996 at 67 in today's money, assuming 5% growth, 0.5% fees and 2.5% inflation. Returns aren't guaranteed.

The government tops up your personal contributions at your income tax rate. In most personal pensions and many workplace schemes (relief at source), every £80 you pay becomes £100. Higher and additional-rate taxpayers can claim extra relief through their tax return. Some workplace schemes take contributions before tax instead (net pay), so turn off the tax relief toggle and enter the full amount.

Usually 25% of your pension, up to a lifetime limit of £268,275 (the Lump Sum Allowance). The rest is taxed as income when you take it. You can currently access a personal or workplace pension from age 55, rising to 57 from 6 April 2028.

A lot, because your money has less time to grow. Starting the same contributions at 45 instead of 35 gives about £143,442 at 67 instead of £202,996 (today's money), even though the starting pot is the same.

Yes. Over decades a small difference adds up. In the example above, paying 1.5% a year in fees instead of 0.5% cuts the pot from about £202,996 to £162,680.

It's a rough guide to how much income a pot might support if you take 4% of it each year in drawdown. It isn't guaranteed, ignores tax, and is in addition to any State Pension. An annuity gives a guaranteed income instead, at rates that vary with your age and the market.

You can usually get tax relief on contributions up to 100% of your earnings, and total contributions (yours, your employer's and tax relief) are limited by the £60,000 annual allowance. Unused allowance from the previous three tax years can often be carried forward.

Your pot grows each month by the investment growth rate, less annual fees charged monthly. Each month your contribution and your employer's are added. With basic-rate tax relief on, your payment is topped up by 25% (relief at source: £80 becomes £100). The 25% tax-free lump sum is capped at the £268,275 Lump Sum Allowance.

It finds the monthly income that would run your pot down to zero at the age you choose, taking income at the start of each month and growing the rest. With "Income rises with inflation" on, the income keeps its buying power each year and is shown in today's money. "Income at 4% a year" is a simple rule of thumb for comparison.

Figures are before income tax, and it doesn't include the State Pension, annuities or charges specific to your scheme. Investment growth isn't guaranteed. You can usually access a personal or workplace pension from 55, rising to 57 from 6 April 2028.