Pension calculator - how much will I have?
This pension calculator will show you how much your pension might grow by, based on how much you (and your employer) contribute until you reach retirement age.
It then shows estimates of how much income you could get from your retirement savings by buying an annuity, or keeping them invested in a pension drawdown plan.
We've made some assumptions on how much your pension will grow by each year, as well as the amount you lose to pension charges.
We've assumed your funds grow by 6% per year, and you pay annual charges of 0.75%. We've also factored in inflation, at 2% a year (it is higher at the moment but this is historically accurate).
How much do I need to retire?
Most people qualify for at least some state pension. The full level of new state pension (for people who reached state pension age on or after 6 April 2016) is £221.20 a week (or £11,502 a year) in the 2024-25 tax year.
But this isn't even enough to cover the essentials, so you'll need to supplement this with a private pension, either through your workplace or a personal pension through an insurance or investment company.
Our guide to How much will you need to retire can help you figure out how much you need.
How can I turn my pension savings into an income?
Here are your options for accessing the money you've saved in a private pension. You don't have to choose one over the others; you can mix and match to suit your needs.
- Buy an annuity - this sees you swapping you pension savings for a fixed income for life
- Use pension drawdown - this sees you keeping your savings invested and taking a flexible income, giving you greater potential for growth
- Take lump sums - withdraw chunks of your pension as and when you need them, with the first 25% tax-free, and the remainder subject to income tax
- Withdraw your entire pension - you can take the lot out in one go if you want to