How this pension calculator works
It takes your current pot and adds your monthly contributions, your employer's contributions and, if you tick it, basic-rate tax relief. Then it grows the total each month at your chosen rate, minus fees, until the age you'd like to retire.
The three lines show how much the outcome depends on growth. That gap is a good reason to check where your pension is invested and what you're paying for it.
Three ways to boost your pension
Get the full employer match. If your employer will pay more when you do, that's the best return you'll find anywhere.
Start or increase early. Slide your age back five years and see how much those extra years are worth.
Find old pensions. Lost workplace pensions are common. The government's free Pension Tracing Service can help you find them.
Questions people ask
How much should I put into my pension?
A common rule of thumb is to take half your age when you start saving and put that percentage of your salary into your pension, including employer contributions. Starting at 30 would mean about 15%. Anything is better than nothing, and getting the full employer match is usually the first goal.
What is pension tax relief?
The government adds tax relief to what you pay in. In a relief-at-source pension, every £80 you pay becomes £100 in your pot. Higher and additional rate taxpayers can claim extra through Self Assessment. Workplace schemes using salary sacrifice or net pay give relief differently, so you may want to switch the tax relief toggle off.
What growth rate should I use?
No one knows future returns. That is why the chart shows three lines: two percentage points below and above your chosen rate. Many default workplace funds aim for somewhere between 4% and 6% a year over the long term, before inflation.
What does 'in today's money' mean?
Prices rise over time, so £100,000 in 30 years will buy less than £100,000 today. Ticking the box adjusts the results for 2.5% yearly inflation, so you can see what your pot would feel like in today's prices.
How much can I take tax-free?
Usually up to 25% of your pension can be taken tax-free, capped at £268,275 for most people. The rest is taxed as income when you withdraw it.