- How much income will my current pension plan give me?
- How much should I be putting away each month?
- When can I retire?
- Should I be saving for my retirement now?
- Am I saving enough?
Fortunately I know of a useful calculator which can answer all those questions for you:
Personal Pension Calculator
Personal Pension Calculator
This calculator works for personal pensions and money purchase schemes. Simply key in a few numbers such as your desired level of income and current pension pot (or lack of) and the calculator will do the rest for you. (If you have a company final salary scheme as well simply ask your scheme trustee for a projection of your retirement benefits and then add these to the retirement income figures from the calculator).Once you have played with the calculator (and done your sums) you should not be left in any doubt as to how much you might need to save for your retirement and what that retirement might look like. Or in other words, the whole exercise should allow you to make a retirement plan!
Pensions can be a minefield so seek professional advice. If you don't know of an independent financial adviser whom you can trust then click here.
£200 Pension Cashback Offer
Make a qualifying deposit or transfer a pension to our partner Interactive Investor.
- Deposit or transfer a pension of at least £20k and you could earn £200 cashback
- Terms and Fees apply, Capital at risk
- New & Existing customers opening a SIPP
- Offer ends 30th June 2026
Before starting your transfer, check you won't lose any valuable benefits (such as guaranteed annuity rates or a lower protected pension age) and find out what exit fees you might have to pay
Provided by our partner
