Precision Utility
UK Pension
Calculator
Annual Allowance
£60,000
State Pension
£11,502
Find out how much your pension could be worth when you retire. Enter your current age, pension pot, monthly contributions and expected growth rate — the calculator projects your total pot at retirement, breaks down contributions versus investment growth, and estimates your annual retirement income using the 4% safe withdrawal rule. Built for UK savers planning ahead.
Pension Details
Projected Pension Pot
£0
Total Contributions
£0
Investment Growth
£0
Pension Pot at Retirement
£0
Annual Retirement Income
£0
Total Contributed
£0
Growth Earned
£0
How the pension calculator works
Start by entering your current age and the age you plan to retire. The calculator works out how many years of growth your pension has ahead of it.
Next, enter your current pension pot value and how much you contribute each month. If your employer matches contributions, include the total amount going in — your share plus theirs.
Set your expected annual growth rate. A balanced pension fund typically returns around 5% per year before inflation, though this varies with your risk profile and fund choice.
Hit calculate and you'll see your projected pension pot at retirement, a breakdown of how much came from your contributions versus investment growth, and an estimated annual retirement income based on the 4% safe withdrawal rule. Open the milestones section to see how your pot grows at key ages along the way.
What you need to know about UK pensions
The UK pension system combines the state pension with workplace and private pensions. Understanding the key rules helps you plan effectively:
- The annual allowance is £60,000 — the maximum you can contribute each tax year and still receive tax relief
- The lifetime allowance was abolished from April 2024, removing the cap on total pension savings
- The full new state pension is £11,502 per year (2024/25) — you need 35 qualifying years of National Insurance contributions
- Auto-enrolment means most employees are automatically enrolled into a workplace pension with minimum combined contributions of 8% of qualifying earnings
- You can access your private pension from age 55 (rising to 57 from April 2028), with 25% available as a tax-free lump sum
- Pension contributions receive tax relief at your marginal rate — basic rate relief is applied automatically, higher rate must be claimed via self-assessment
For the latest rates and thresholds, visit GOV.UK pensions guidance.
Frequently asked questions
How much should I pay into my pension each month?
A common rule of thumb is to halve the age you start saving and contribute that percentage of your salary. For example, if you start at 30, aim for 15%. The more you contribute early on, the more time compound growth has to work in your favour.
What is the annual allowance for UK pensions?
The annual allowance is £60,000 per tax year (2024/25 and 2025/26). This is the maximum you can contribute and still receive tax relief. If you earn less than £60,000, your allowance is capped at your annual earnings.
What is the 4% rule for retirement income?
The 4% rule suggests you can withdraw 4% of your pension pot each year in retirement without running out of money over a 30-year period. For example, a £500,000 pot would give you roughly £20,000 per year in income.
When can I access my pension in the UK?
You can currently access your private pension from age 55, rising to 57 from April 2028. The state pension age is currently 66, rising to 67 between 2026 and 2028, and to 68 between 2044 and 2046.
What is the UK state pension amount?
The full new state pension is £11,502 per year (2024/25). You need 35 qualifying years of National Insurance contributions to receive the full amount. You can check your state pension forecast on GOV.UK.
What growth rate should I assume for my pension?
A typical assumption is 5% nominal growth per year for a balanced fund, or around 2–3% after inflation. Conservative investors might use 3–4%, while those in higher-risk equity funds might assume 6–7%. Past performance does not guarantee future returns.