Calculate how much your pension is worth.
See if you’re on track to sustain your desired lifestyle in retirement.
How our retirement savings and pension calculator works
If you’ve asked ‘how much will my pension be worth?’, our retirement savings calculator can guide you in the right direction. You can gain insight into what your retirement funds may look like, to clarify your financial future. Here’s how our calculator works:
- Your target retirement income before tax: You are taxed on your pension, so entering an amount as a salary makes it easier to visualise your future pension.
- Current age and retirement age: This lets us calculate how many years you’ll add to your pension pot, and how much it may grow based on typical interest rates and compound interest.
- Contributions: Tell us what you and your employer will contribute, and whether you plan to top up from any other sources.
- Current pension pot: We add this to the regular contributions and calculate growth over time.
Retirement and pension FAQs
How much can you take as a tax-free lump sum from your pension?
You can usually withdraw up to 25% of your pension as a tax-free lump sum, subject to the lump sum allowance, while HMRC charges Income Tax on the rest as you withdraw it.
You can take this lump sum all at once or in smaller amounts when you want, depending on your provider’s rules. The maximum lump sum allowance is £268,275.
There is a separate lump sum and death benefit allowance of £1,073,100, which lets you or your beneficiaries take a tax-free sum in specific circumstances, such as serious ill-health before age 75.
Should I combine old pension pots into one?
Combining your pension pots into a single account could be a helpful strategy for managing your pensions more easily and monitoring their performance.
It could also help to reduce fees if you’re paying multiple annual management or platform charges.
But certain providers may charge exit fees, or you could lose certain benefits tied to your current pensions if you withdraw your funds. You might even lose access to more favourable terms or benefits if you move your pension to a different provider.
How does increasing my contribution for an employer match affect retirement age?
If you increase your contributions to get the full employer match, your pension pot will likely grow faster, as you’re taking advantage of the maximum ‘free’ money from your employer. This can improve the value of your pension over time, which may give you more flexibility around when you choose to retire.
See how increasing your contributions could impact the value of your pension fund using our calculator above.
Caveats and disclaimers
- This calculator is intended for those who receive a pension from their employer. Self-employed people, business owners, or those who live off passive income, such as rent, will need to adjust variables like contributions to account for this.
- This calculator is a guide only. The final calculation is not guaranteed.
- The tax bands are based on tax rules in England, Wales, and Northern Ireland. They do not include any differences for Scottish bands for example.
- The tax calculations are not tailored to individual circumstances. Tax rates and bands are subject to change, and variations may occur by the time your pension is accessed.
- HMRC’s annual and lifetime limits on your pension are not factored into our calculator. If you contribute or build up pension amounts exceeding these limits, you may be subject to a tax charge.
- This calculator assumes you do not take a 25% tax free lump sum, as this depends on other factors such as your pension plan, and if you’ve taken your full lifetime allowance.
- The calculator doesn’t consider allowances such a blind allowance, marriage allowance, or trading allowance.
- We have not included inflation due to unpredictable fluctuations over time.
- We’ve calculated the State Pension at the rate in 2024/25.
- This information does not constitute financial advice. Investments carry risks, and their value may fluctuate. For financial retirement guidance, consult a Financial Adviser.
