Pension Calculator

Planning for retirement is one of the most important things you can do for your financial future, yet most people in the UK save far less than they need to. The challenge is that retirement feels distant, the numbers are large and abstract, and it is hard to know where to start. This pension calculator makes the future concrete — enter your current age, savings, contribution rate, and expected retirement age, and see a projection of what your pension pot could be worth when you stop working.

One of the most valuable features of pension saving in the UK is tax relief. When you contribute to a pension, the government tops up your contribution at your marginal income tax rate. A basic-rate taxpayer contributing £80 into their pension effectively gets £100 invested, as the government adds £20 in tax relief. Higher-rate taxpayers can claim additional relief through their tax return. This makes pensions one of the most tax-efficient savings vehicles available.

Employer contributions also significantly boost your pension pot. Under auto-enrolment, most UK employers must contribute at least 3% of qualifying earnings, with employees contributing at least 5%. Many employers match higher contributions — check your workplace pension scheme to see if you are leaving free money on the table by not contributing up to the maximum employer match.