ganak.appUK Pension Calculator
Free UK pension calculator. Estimate your retirement income from workplace pension, State Pension, and personal contributions. See PLSA benchmarks, drawdown projections, growth scenarios, and how long your pension pot will last. Includes NI qualifying years, 25% tax-free lump sum, and auto-enrolment comparison.
Retirement Income Summary
Estimated income from pension drawdown and State Pension
PLSA Retirement Living Standards
Pension Pot Breakdown
How your pension pot is built over 37 years
Year-by-Year Projection
Detailed breakdown of pension growth and retirement drawdown
| Age | Balance | Contributions | Growth | Phase |
|---|---|---|---|---|
| 30 | £0 | — | — | Saving |
| 31 | £2,854 | £2,800 | £63 | Saving |
| 32 | £5,828 | £5,600 | £269 | Saving |
| 33 | £8,928 | £8,400 | £623 | Saving |
| 34 | £12,158 | £11,200 | £1,131 | Saving |
| 35 | £15,525 | £14,000 | £1,801 | Saving |
| 36 | £19,034 | £16,800 | £2,638 | Saving |
| 37 | £22,692 | £19,600 | £3,650 | Saving |
| 38 | £26,503 | £22,400 | £4,844 | Saving |
| 39 | £30,476 | £25,200 | £6,228 | Saving |
What Is a UK Pension Calculator?
Estimate your retirement income from workplace and State Pension
A UK Pension Calculator helps you estimate how much money you could have when you retire by modelling your workplace pension contributions, employer contributions, investment growth, and the UK State Pension. It shows whether your projected retirement income meets the PLSA Retirement Living Standards — Minimum (£13,400/yr), Moderate (£31,700/yr), or Comfortable (£43,900/yr).
Whether you are just starting your career or approaching retirement, understanding your pension projection helps you make informed decisions about contribution rates, retirement age, and how to bridge any income gaps.
How Is Your Pension Pot Calculated?
The formula and methodology behind the projections
Your pension pot grows through three sources: your contributions, your employer's contributions, and investment returns (minus charges). The calculator compounds these monthly over the years until retirement.
Monthly Growth Formula:
New Balance = Previous Balance × (1 + Monthly Growth Rate - Monthly Charge) + Monthly Contributions
Example:
Age 30, salary £35,000, 5% personal + 3% employer contribution, existing pot £0:
- Monthly personal: £35,000 × 5% ÷ 12 = £145.83
- Monthly employer: £35,000 × 3% ÷ 12 = £87.50
- Total monthly: £233.33
- At 5% growth over 37 years, projected pot: ~£291,000 (before charges)
After retirement, the calculator uses a 4% sustainable withdrawal rate (the widely-used rule of thumb) to estimate how much annual income your pot can generate, and models how long your money lasts based on your desired income.
UK State Pension Explained
How the new State Pension works alongside your workplace pension
The full new State Pension is £230.25 per week (£11,973 per year) for 2025/26. To receive the full amount, you need 35 qualifying years of National Insurance contributions. You need at least 10 qualifying years to get any State Pension at all.
If you have between 10 and 35 qualifying years, your State Pension is calculated proportionally. For example, with 28 qualifying years, you would receive 28/35 = 80% of the full amount, which is approximately £9,578 per year.
State Pension Age:
The current State Pension age is 66, rising to 67 between 2026 and 2028, and potentially to 68 in the future. Check gov.uk for your specific State Pension age.
PLSA Retirement Living Standards
How much income do you actually need in retirement?
The Pensions and Lifetime Savings Association (PLSA) publishes Retirement Living Standards that show what life in retirement looks like at three different income levels for a single person living outside London:
Minimum — £13,400/year
Covers all your needs with some left over for fun. Includes a week's holiday in the UK, eating out once a month, and basic leisure activities.
Moderate — £31,700/year
Provides more financial security and flexibility. Includes a two-week European holiday, eating out a few times a month, and some budget for hobbies.
Comfortable — £43,900/year
Allows more financial freedom and some luxuries. Includes long-haul holidays, regular meals out, gym membership, and new car every 5 years.
Key Assumptions & Considerations
Important factors that affect your pension projection
Growth Rate
Default 5% per year is a commonly-used assumption for a mixed equity/bond pension fund. Actual returns will vary. The low (3%) and high (7%) bands show the range of outcomes.
Inflation
Default 2.5% is a realistic long-run assumption. The Bank of England's official target is 2%, but actual inflation has historically averaged higher. Withdrawals in retirement increase annually by this rate to maintain purchasing power.
Annual Charges
Default 0.75% is the FCA's charge cap for default auto-enrolment funds. Check your pension provider for actual charges — even small differences compound significantly over decades.
Tax Relief
This calculator uses gross contribution amounts. In practice, basic-rate taxpayers get 20% tax relief automatically (£80 contributed becomes £100). Higher-rate taxpayers can claim additional relief through their tax return.
25% Tax-Free Lump Sum
You can take up to 25% of your pension pot tax-free from age 55 (rising to 57 from April 2028). The remaining 75% is taxed as income when withdrawn.
Salary Growth
This calculator assumes a constant salary for simplicity. In reality, salary increases over your career would increase your contributions and projected pot.
UK Pension Calculator FAQ
Common questions about UK pensions and retirement planning