How it works
Enter your current age, planned retirement age, current pension savings, monthly contribution and an assumed annual return. We compound it in your browser and show the projected pot. We add basic-rate (20%) tax relief to contributions as a guide.
In detail
This projector estimates how large your pension pot could be at your retirement age, combining your existing savings, future monthly contributions and investment growth.
Tax relief on contributions
UK pension contributions generally attract tax relief at your marginal rate. For a basic-rate taxpayer, a £80 net contribution becomes £100 in the pension (20% relief). Higher and additional-rate taxpayers can claim more via self-assessment. This calculator adds 20% relief to your entered contribution as a guide.
The maths
Each year the pot grows by the assumed return, and your (relief-boosted) monthly contributions are added and compounded until retirement age.
- The annual return is an assumption, not a guarantee — real investments fluctuate.
- The annual allowance (£60,000 for most in 2026/27, tapered for high earners) caps tax-relieved contributions.
Worked examples
These are illustrations using the calculator's default 20% basic-rate relief and the stated growth assumption — not guarantees of real returns.
- Emma, 30, retires at 68: £10,000 saved, £200/month (£250 with relief), 5% growth → roughly £406,000 at retirement.
- Raj, 40, retires at 68: £30,000 saved, £400/month (£480 with relief), 6% growth → roughly £577,000.
- Sara, 50, retires at 65: £50,000 saved, £600/month (£720 with relief), 4% growth → roughly £268,000.
A small rise in monthly contributions or a slightly higher assumed return compounds into a far larger pot over decades — that is the main lever for most people.
Related calculators
- UK Income Tax calculator — see the take-home pay that funds the contribution.
- Pension Annual Allowance calculator — check the £60,000 taper that caps tax-relieved contributions.
- Savings Interest Tax calculator — compare taxable cash savings against pension growth.
This is an illustration only, not financial advice. The authoritative source is GOV.UK — Pension tax relief. Consider speaking to a regulated financial adviser.
Worked example · 计算示例
Worked example: saving £10,000 a year for 30 years
You pay £10,000 a year into a pension growing at 5% net, for 30 years:
- Future value of the contributions ≈ £664,400.
- This assumes level contributions and a steady 5% return (not guaranteed).
- With 20% tax relief, each £10,000 gross costs you £8,000 net.
Start earlier or contribute more and compounding does the heavy lifting. Inflation erodes real value over time.
计算示例：每年存 £10,000，存 30 年
你每年向养老金投入 £10,000，按净 5% 增长，持续 30 年：
- 缴存终值约 £664,400。
- 假设每年等额缴存且稳定 5% 回报（非保证）。
- 含 20% 税收减免，每 £10,000 毛额你实际只出 £8,000。
越早开始或缴得越多，复利效应越明显。通胀会随时间侵蚀实际购买力。
FAQ
How does pension tax relief work?
Relief is given at your marginal rate. A basic-rate taxpayer gets 20% relief, so £80 net becomes £100 in the pension. Higher and additional-rate taxpayers can claim more through Self Assessment.
What return should I assume?
It is only an assumption. Historically diversified investments have returned low-to-mid single digits after inflation over the long run, but returns vary and can fall. Many people use 4–6% as a planning assumption and stress-test lower numbers.
Is there a limit on contributions?
Most people can get tax relief on contributions up to £60,000 per year (2026/27), tapered for very high earners. The calculator does not enforce this limit — use the annual allowance tool to check your taper.
Do employer contributions count?
Yes. Employer contributions, salary sacrifice and your own payments all count towards the £60,000 annual allowance, but employer contributions do not use your personal tax relief.
Can I take the pot at 55 or 57?
The normal minimum pension age rises from 55 to 57 from 6 April 2028 for most people. You can usually take up to 25% tax-free, with the rest taxed as income when drawn.
What about the lifetime allowance?
The lifetime allowance was abolished from the 2024/25 tax year, so there is no upper cap on the pot size for tax-relief purposes, but the annual allowance still applies each year.
Is a pension better than a stocks & shares ISA?
Both grow free of UK tax. Pensions add tax relief on the way in but tax withdrawals as income; ISAs use after-tax money but allow tax-free withdrawals. The right mix depends on your income, age and access needs.
Should I get financial advice?
This calculator is an illustration only. For personal figures, a regulated financial adviser can model your specific situation, especially near the annual allowance taper or if you have multiple pensions.