With a few details our pension calculator can tell you your likely retirement income. Handy for working out if you’ll have enough to live on when you retire and to estimate how much more you should be saving if there’s a shortfall.
Information our pension calculator needs from you:
- The age you plan to retire
- Your State Pension age and State Pension income
- How much money you’d like to retire with
- Your current pension contributions, your pension pots and any additional sources of income
Information our pension calculator can give to you:
- Estimate of how much money you’ll have in your retirement
- Identify any shortfall between what you want and what your predicted to have
- Recommend steps to match what you’re currently saving with your pension expectations.
Our pension calculator takes into account:
- Defined benefit pension: The industry’s way of describing a private pension that has been promised by your employer. This will usually be based on your wage and how long you’ve worked there
- Defined contribution pension: The name given to a workplace pension set up by your employer. Usually you’ll contribute a percentage from your salary, your employer will contribute a percentage and the government will add to this with a tax discount.
- Basic State Pension or new State Pension: Everyone who has made national insurance contributions through working is entitled to a State Pension. How much it is depends on how many years you’ve contributed and which pension you’re eligible for. Whether it is the new or old pension depends on when you were born.
How much will I get from the basic State Pension?
You’re eligible for the State Pension if you’re a man born before 6th April 1951 or a woman born before 6th April 1953.
The maximum you can get from the basic State Pension is £129.20 per week. This is dependent on how many years you’ve paid or been credited with National Insurance contributions. To receive the full amount you’ll need to have paid in 30 years of National Insurance contributions.
If you’re wondering how much you’ll get from your basic State Pension you can work it out using the pension calculator in our app.
How much will I get from the new state pension?
If you’re a man born after 6th April 1951 or a woman born after 6th April 1953 you’ll be eligible for the new State Pension. As with the older pension how much you receive will be based on your National Insurance contributions.
The maximum you can get from the new State Pension is £168.60 per week. You’ll receive this full amount if you’ve paid or been credited with 35 years of National Insurance contributions.
Unsure of how much you’ll get as part of the new state pension? Try the pension calculator in our app and find out.
Reasons your state pension will increase year on year
Your basic State Pension will increase yearly by a minimum of 2.5% or the below conditions if they are a higher percentage:
- The average percentage growth of wages in the UK
- The percentage of UK growth in prices — determined by the Consumer Prices Index (CPI)
