Pension calculator

How much money you need is based on the desired lifestyle you wish to have when you retire. We estimate that for most people that amount is 2/3rds of their current income, but this can differ based on the individual. Learn more about retirement living standards.

Most people can start taking money (or drawing down) from a pension once you reach retirement age. The earliest you can access your pension is based on the Normal Minimum Pension Age (NMPA) which is currently 55 (increasing to 57 in April 2028). Although you can take retirement after the age of 75, the tax rules become more complex. The NMPA differs from the State Pension age which is 66 or 67, depending on when you were born. Learn more about retiring after 75.

You can make personal contributions to your pension of any amount. When you add money to your pension, the government does too. However, each tax year, you can only get tax relief on your ‘relevant earnings’ or up to the annual allowance of £60,000 – whichever is lower. It applies to all contributions across of your pensions. Relevant earnings usually include salary and any bonuses, but not dividend income or rental income.

No, we don’t include the State Pension in your pensions calculator results. If you’re entitled to the State Pension, please bear this in mind and factor it into your retirement planning separately. Learn more about the State Pension.

Most people are usually entitled to get 20% basic rate tax relief from the government on personal pension contributions up to 100% of your earnings or £60,000, whichever is lower. We’ll automatically apply 20% tax relief to any personal contributions you enter into the calculator up until age 75. We don’t include higher or additional rate tax relief in your pension calculator results. If you’re entitled to higher or additional rate tax relief please factor this into your retirement planning separately.

No, monthly contributions are optional but paying regularly into a pension could help you prepare for your future. Using the calculator could help give you an estimate of the monthly contribution amount you could make to have your desired income level at retirement.

You can use the calculator if you’re a UK tax resident over 18 and haven't taken any money from any defined contribution (DC) pensions yet. You don’t need to have an existing pension. If you’re not currently earning any income, enter your ‘Current Salary’ as £0. If you’re under 18, please speak to a parent or legal guardian for advice.