UK Pension Calculator
Enter your age, salary, contributions, and employer match to project your retirement pot, estimated monthly income, and how much the State Pension adds. Completely private — nothing leaves your browser.
Your details
Understanding your projection
This calculator uses compound growth applied monthly to your growing contributions. It accounts for salary increases over time (lifting your contributions) and assumes your employer contribution is a percentage of your full salary throughout. Tax relief at basic rate (20%) is added on top of your personal contribution — if you are a higher rate taxpayer contributing via relief at source, claim the extra 20% through self-assessment.
Always contribute at least enough to capture your full employer match. If your employer matches up to 5% and you contribute 3%, you are giving up 2% of your salary as free money every year. Maximise the match first — always — before any other financial decision.
Auto-enrolment minimum contributions
| Who pays | Minimum % | Based on |
|---|---|---|
| Employee (you) | 5% (inc. tax relief) | Qualifying earnings band |
| Employer | 3% | Qualifying earnings band |
| Total minimum | 8% | Between £6,240–£50,270 (2026/27) |
Qualifying earnings for auto-enrolment are calculated on the band between £6,240 and £50,270 — not your full salary. So 5% of a £40,000 salary under auto-enrolment is calculated on £33,760, not £40,000. Many better employers use full salary as the basis — check your contract carefully.
The State Pension
The full new State Pension is £241.30 per week (2026/27) — approximately £12,548 per year or £1,046 per month. You need 35 qualifying National Insurance years to receive the full amount, and 10 qualifying years minimum to receive anything. Check your NI record and State Pension forecast at gov.uk/check-state-pension.
The State Pension age is currently 66, rising to 67 between 2026 and 2028, and provisionally to 68 between 2044 and 2046. The Normal Minimum Pension Age (NMPA) — the earliest you can access a workplace or personal pension — rises from 55 to 57 in 2028. Check gov.uk for the latest confirmed dates as these have been subject to policy review.
Related calculators
Salary sacrifice — amplify your pension contributions with income-tax and NI relief · FIRE calculator — when your pension+ISA pots can sustain your spending · Compound interest — how small contribution increases grow over decades · ISA vs GIA — the tax case for maxing both wrappers.
Frequently asked questions
The questions readers most commonly ask about this topic. Each answer is reviewed by the UK Tax Drag editorial team against current HMRC, FCA and MoneyHelper guidance.
▸ What pension growth rate should I assume?
A reasonable real-return assumption (after inflation) for a globally diversified equity-heavy pension is 4-5% per year. The FCA defaults its illustrations to 2% / 5% / 8% nominal. The calculator default of 5% is a middle-ground figure — actual returns will vary year to year. As you approach retirement (5-10 years away) most savers shift toward lower-risk assets, reducing expected returns to 2-3%.
▸ Does this include the pension annual allowance limit?
Yes — the calculator flags if your annual contribution would exceed the £60,000 standard annual allowance. If you earned over £260,000, your annual allowance tapers down to as low as £10,000 (the Tapered Annual Allowance). You can use up to 3 prior years of unused allowance via carry-forward. Exceeding the allowance triggers an Annual Allowance tax charge at your marginal rate.
▸ How is the State Pension included in the projection?
The calculator can include the New State Pension (currently £241.30 per week for someone with 35+ qualifying NI years, rising annually with the Triple Lock). State Pension starts at your State Pension Age (currently 66, rising to 67 by 2028 and 68 by 2046). Check your forecast at gov.uk/check-state-pension to see your actual entitlement — many people have NI gaps that reduce the amount.
▸ Can I withdraw 25% tax-free at age 55?
You can access most pension pots from age 55 (rising to 57 from April 2028). The 25% tax-free element is now capped by the Lump Sum Allowance at £268,275 across all pensions — anything above that cap counts as taxable income. The remaining 75% of any pot is taxable at your marginal rate when drawn (income tax bands apply).
▸ What is the difference between net-pay and relief-at-source?
Net-pay arrangements take pension contributions BEFORE income tax (so basic-rate taxpayers see immediate 20% relief; higher-rate gets 40% automatically). Relief-at-source takes contributions from after-tax salary, then the pension provider claims back 20%; higher-rate taxpayers must claim the extra 20% via Self Assessment. The end position is the same financially, but the cash flow differs significantly.
▸ Should I prioritise pension or ISA contributions?
For most UK earners the answer is pension first up to the employer match (free money), then any 40%+ tax-relief band, then ISA. Pensions lock funds until 55/57 but give tax relief on entry; ISAs are accessible but use post-tax money. The crossover often makes sense in your 40s when retirement is closer. Run both projections — the calculator helps with the pension side.
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