Pension Calculator

1. Use the plus (+) and minus (-) icons to set your target retirement income

2. Adjust the first slider to match your current age and your planned retirement age, and the second to match your current pension pot size. The three sliders below can be used to add anticipated contribution amounts

3. Check the dial at the top, as this will indicate your projected income - which already takes into account your balance. If you find that you’re short, consider upping your monthly contributions or retirement age!

Many people aim for a retirement income that’s two thirds of their current salary. For example, if your annual salary is currently £30,000, then £20,000 per year would give you a reasonable retirement income. If you’re likely to be eligible for the full state pension (currently £8,767 per year) then you’ll find an option to include this within the pension calculator.

The pension calculator includes:

• The value of any current pension you choose to put in
• The value of any future personal contributions, and the 25% tax top up you receive on these
• The value of any one-off contributions
• The value of any future employer contributions
• The full state pension of £8,296 per year, should you choose to include it

These amounts are just an estimate and the projected retirement income is not guaranteed. We have assumed investments grow at an annual rate of 5% and that the annual inflation rate is 2.5%. We have not included the discount on fees available to customers with more than £100,000 in their pension. The interest rate used to calculate your annual income is 3% and we have estimated your mortality. We have assumed you will receive a 25% tax top up on all your personal contributions. We have assumed your entire pension is used to acquire an annual income and that you do not withdraw any of it upfront when you reach the age of 55. We have assumed you will increase your monthly contributions by 2% every year. We have assumed the state pension will provide the same value for money upon your retirement.