See how big your workplace or personal pension could be when you retire, in today’s money, and what income it might give you alongside the State Pension. Change your contributions to see how much difference a few percent makes.
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What the calculator does
- Adds your and your employer’s contributions each year, as a percentage of a salary that rises over time.
- Grows the pot by your investment return minus fees.
- Shows the result in today’s money, so you can compare it with today’s prices.
- Takes 25% as a tax-free lump sum (up to the £268,275 limit) and estimates an income from the rest at a 4% withdrawal rate.
- Adds the full new State Pension: £241.30 a week (£12,547.60 a year) in 2026/27.
Worked examples
All of these use 5% growth, 0.5% fees, 3% salary growth and 2.5% inflation, retiring at 67. Real returns will vary.
1. A 30-year-old on £35,000 with auto-enrolment minimums
With £10,000 saved, 5% in from them and 3% from the employer, the pot reaches about £182,000 in today’s money. That gives a £45,500 tax-free lump sum and about £5,460 a year from the rest. With the full State Pension the total is about £1,500 a month before tax.
2. The same person paying 2% more
Raising their own contribution from 5% to 7% lifts the pot to about £222,500, roughly £40,000 more in today’s money. Some employers match extra contributions, which would make the gap bigger.
3. Starting ten years later
The same savings starting at 40 instead of 30 reach about £121,000, a third less. The first decade of contributions has the longest to grow.
4. Why fees matter
Fees of 1.5% instead of 0.5% cut the first example’s pot from £182,000 to about £148,000. A 1-point difference in charges costs over £30,000 across a working life.
How much do I need to retire?
The Pensions and Lifetime Savings Association’s Retirement Living Standards are a useful guide to what different lifestyles cost. For many people the State Pension covers the basics, and a workplace pension pays for everything above that. If the result looks short, small increases now have the biggest effect.
Frequently asked questions
How much is the full State Pension in 2026/27?
£241.30 a week, or £12,547.60 a year, for people who reach State Pension age after April 2016 and have 35 qualifying years of National Insurance.
What are the auto-enrolment minimum contributions?
8% of qualifying earnings in total, with at least 3% from your employer. Your share usually includes basic-rate tax relief.
How much of my pension can I take tax-free?
Usually 25%, up to a lifetime lump sum allowance of £268,275 for most people. The rest is taxed as income when you take it.
What is a safe withdrawal rate?
4% a year is a common rule of thumb, but it isn’t guaranteed. Some people buy an annuity for a fixed income instead.
Is this financial advice?
No. It’s an illustration with the assumptions you choose. For advice, speak to a regulated financial adviser or use the free Pension Wise service if you’re 50 or over.
Sources
- GOV.UK: The new State Pension – what you’ll get
- GOV.UK: Workplace pensions – what you and your employer pay
- GOV.UK: Tax on your private pension
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