Pension Calculator

Use this pension calculator at any age to calculate an estimation of how much you can expect from your private pensions when you retire. Based on your current level and rate of savings, it will give you a ballpark figure of the annual income you could expect from your chosen retirement age, if you were to use a drawdown scheme.

First, enter the basic details of your age, income, level of pension savings, rate of contributions, and the age at which you’d like to retire.

Click Calculate and you’ll see your current estimate. Now comes the clever part!

On the results page, try adjusting things like your contribution levels, income level and retirement age, to see new calculations that include these changes.

You’ll discover a range of different ways you can improve your retirement income.

The Unbiased Pension Income Calculator works out your likely annual income from private pensions, based on how much you’re saving now. We make a few assumptions, such as:

• Average returns on your pension pot will be 4% (not guaranteed)
• You will have average life expectancy from age 65
• Your current levels of pension contribution will be maintained until you retire
• You will access your pension using drawdown (there are other options)
• You will take a steady income in retirement (no larger lump sums)

Please note that this calculator does not account for income tax. You are entitled to take 25 per cent of your pension pot tax-free, usually as a lump sum at the start. The income estimate provided by this calculator is based on your whole pot, with no lump sum deducted from it.

It is important to consult a financial adviser before you access your pension, as they can help you choose the method that best suits your goals and lifestyle.

It is also worthwhile seeking financial advice a long time before you retire (e.g. at least 10 years). A financial adviser can check to see how well your pension pots are performing for you, and whether they are in the most suitable funds. Your adviser can combine your pension pots for you if this is the best option, and advise you on any possible pension transfers. They can also recommend an optimum contribution level, and whether or not is it prudent to transfer other savings into your pension. Last but not least, they can advise you on whether your current arrangements are best suited to your retirement plans.