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Pension calculator

How much might your pension pay? Is it on track? Find out in seconds with this pension calculator.

Discover the retirement income you could receive and how much you should consider investing to achieve your target. Plus, what impact do inflation and charges have on your pension? Simply enter your details below to find out.

Discover your retirement income

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Your results

Estimated value of your pension: £

Tax-free cash: £

Estimated income per year: £

Is this enough?

Most people need a retirement income which is about two thirds of their salary.

For you, this is:

£ per year.

What if I increase contributions by a month?

Estimated value of your pension: £

Tax-free cash: £

Estimated income per year: £

Is this enough?

Most people need a retirement income which is about two thirds of their salary.

For you, this is:

£ per year.

About this pension calculator

All figures take account of inflation and show the buying power of your pension in today's money. You can find out more about how this calculator works below, including what figures, calculations, and assumptions are used.

The aim of this pension calculator is to give you an idea of how much you might need to save into a pension to get the income you’re aiming for in retirement. It’s not personal advice or suitable for calculating the potential income from a defined benefit scheme, e.g. a final salary scheme. If you’re not sure what’s best for your situation, you should seek personal advice. All figures are a guide and not guaranteed. The value of investments can fall as well as rise so could be more or less than those shown here.

Future pension expectations and figures

The value of your pension savings and retirement income will depend on several factors including:

Your investment performance
Contributions made into your pension in the future
Charges
Inflation
Your retirement age
Annuity rates at the time and the options you choose

How this pension calculator works

Regular contributions are assumed to increase in line with inflation and to be paid monthly in advance.

Inflation - The calculator allows for annual investment growth of 2%, 5% or 8%. When calculating how regular contributions might increase, inflation is assumed to be 3% if investment growth is 5%. For 2% growth, inflation is 1% and for 8% growth it is 5%. When converting the final fund value and income to today’s money, inflation is always assumed to be 2% per year. These assumptions are set down by the Financial Conduct Authority for pension projections. The default investment growth setting is 5% and can be changed in advanced options.

State Pension - We’ve assumed you’ll qualify for a full new State Pension. If your selected retirement age is greater than your State Pension age, we’ve assumed that you’ll defer your State Pension until your chosen retirement age. The State Pension figure we add will be increased to reflect this.

Annuity rates used are based on Financial Conduct Authority rules for the calculation of a future annuity, unless your retirement age is less than a year away when the annuity shown uses current rates from a range of providers. All annuities are assumed to be paid at the start of each payment period.

Your spouse/partner - If you’re male, your spouse/partner is assumed to be 3 years younger than you. If you’re female, your spouse/partner is assumed to be 3 years older than you. These assumptions are based on industry standards and may not reflect your circumstances.

Tax-free cash and charges - This calculator assumes you can take 25% of your pension tax free, however the maximum cap for most people is £268,275 (based on the standard lifetime allowance of £1,073,100). The calculator doesn’t take account of tax charges such as income tax deducted from pensions in payment, or tax charges which may apply to contributions over the annual allowance. Tax rules can change, and benefits depend on personal circumstances.

Hargreaves Lansdown PLC group companies will usually send you further information by post and/or email about our products and services. If you would prefer not to receive this, please do let us know. Your personal data will remain confidential, and will never be passed to any other company, unless required by law.

How to read these results

The aim of this calculator is to give you an indication of how much you need to contribute to a pension and what you might get as a retirement income. The calculator should not be regarded as personal advice. If you are at all unsure, please contact us for advice.

The figures are a guide and not guaranteed. Your final pension fund and the income available will depend on factors including the growth your fund achieves, contributions you make in future, charges, inflation, your retirement age, annuity rates at the time and the annuity options you choose.

Investment returns are not guaranteed and could be more or less than those used here. Past performance is not a guide to future returns. The value of investments can fall as well as rise, so you may get back less than you invest.

Pensions in payment are currently subject to income tax. This calculator does not take account of tax charges which may apply to contributions exceeding the annual allowance or when your fund exceeds the lifetime allowance at retirement. For information on the limits and allowances which apply to pensions please see our how much can I invest page.

This calculator is not suitable for calculating the potential income from a final salary scheme and any state pension benefits have been ignored.

Assumptions used

Regular contributions are assumed to increase in line with inflation and to be paid monthly in advance.

Inflation the calculator allows for annual investment growth of 2%, 5% or 8%. When calculating how regular contributions might increase, inflation is assumed to be 2.5% if investment growth is 5%. For 2% growth, inflation is 0.5% and for 8% growth it is 4.5%. When converting the final fund value and income to today’s money, inflation is always assumed to be 2.5% per year. These assumptions are set down by the Financial Conduct Authority for pension projections. The default setting is 5% and can be changed in advanced options.

Annuity rates used are based on Financial Conduct Authority rules for the calculation of a future annuity. However, if your retirement age is less than a year away, the annuity shown is calculated using current rates from a range of annuity providers. The annuities shown are assumed to be paid in advance.

Your spouse If you are male, your spouse is assumed to be female and 3 years younger than you. If you are female, your spouse is assumed to be male and 3 years older than you. These assumptions are based on industry standards and may not reflect your own circumstances, particularly if you are in a civil partnership.