Retirement Calculator
Estimate your future pension pot, projected monthly income, and identify any savings gap to help you plan a secure and comfortable retirement.
Project Your Retirement Income
Enter your current pension details and contribution habits to instantly see how much your pot could grow by your chosen retirement age.
Pension Projection Tool
Forecast your retirement savings with compound growth.
How it Works
Understanding pension growth projections
Set Your Timeline
We calculate the number of years remaining until your target retirement age to determine the compounding period.
Factor in Contributions
Your monthly personal and employer contributions are added together to calculate the total annual cash flowing into your pension.
Apply Compound Growth
We apply your expected annual growth rate monthly to both your existing pot and your new contributions, simulating real-world compounding.
Estimate Retirement Income
Using the widely recognised 4% rule, we estimate a sustainable monthly withdrawal amount from your final projected pension pot.
UK Pension Allowances
Key limits and thresholds for pension contributions and tax relief in the UK (2024/25 Tax Year).
| Allowance Type | Limit | Description |
|---|---|---|
| Annual Allowance | £60,000 | Maximum total contributions (personal, employer, and tax relief) you can make each year without incurring a tax charge. |
| Money Purchase Annual Allowance (MPAA) | £10,000 | Reduced allowance that applies if you have flexibly accessed your defined contribution pension pot. |
| Lifetime Allowance | Abolished | The Lifetime Allowance charge was removed from 6 April 2023, and the allowance itself is being fully abolished in April 2024. |
| Carry Forward | Up to 3 years | You can carry forward unused Annual Allowance from the previous three tax years, provided you were a member of a pension scheme during those years. |
Retirement Planning FAQ
Answers to the most frequently asked questions about pension planning and retirement calculations in the UK.
According to the Pensions and Lifetime Savings Association (PLSA), a single person needs around £31,300 per year for a ‘comfortable’ retirement, while a couple needs around £43,100. A ‘moderate’ retirement requires roughly £20,200 for a single person and £29,100 for a couple.
The 4% rule is a common guideline suggesting you can withdraw 4% of your total retirement savings in the first year of retirement, and adjust that amount for inflation each subsequent year, with a high probability of your money lasting for 30 years.
Yes. In the UK, basic rate taxpayers receive 20% tax relief on pension contributions, which is usually added automatically by the provider. Higher and additional rate taxpayers can claim further relief through their Self Assessment tax return.
The standard Annual Allowance is the maximum amount that can be contributed to your pension each year with tax relief. For the 2024/25 tax year, this limit is £60,000 or 100% of your annual earnings, whichever is lower.