What is the pension calculator?

Our pension calculator tool gives you a good idea about how much money you could get in retirement. You can also see what your current retirement looks like compared with the Retirement Living Standards and add other pension pots.

How does the pension calculator work?

It works in three ways: it helps you understand your retirement, plan for your future, and see the bigger picture by adding other pension pots.

Where do I find the pension calculator?

The pension calculator can be found on your pension homepage under the 'Pension calculator' title.
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​It is only available for those who currently contribute to their pension and are less than 75 years old.
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How do I use the pension calculator?

The calculator lets you adjust your contribution amount and retirement age, as well as add other pensions. It then shows you the impact small changes can have on your retirement goals.
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How to edit or add other pensions

You can also add other pensions to help you see the bigger picture of your overall annual retirement income. This includes both defined contribution pensions as well as defined benefit pensions.
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Can I make changes directly to my Smart Pension account?

Yes, you can make changes to your contribution amount and/or retirement age by clicking 'Review changes'. This will then take you to the 'Confirm your choice' page where you will be prompted to 'Save changes' if you're happy to proceed.
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What does the pension calculator show?

Your projection shows the fund value and also the approximate monthly income at retirement.

It will estimate how much you might have when you retire and what this could be worth each month if you bought a guaranteed income at retirement (also known as an annuity).

How does it calculate my retirement income?

We can’t say for certain how much money you will have in the future. Pension values go up and down all the time. To work out your potential retirement income, we have used the following assumptions.

Salary and contribution increases

We assume that:

• Your pensionable salary will increase in line with inflation – which we assume will stay steady at 2.5%
• You and your employer will carry on making the same percentage of contributions to your pension

Investment returns

We assume that after we’ve taken off any charges, your pension savings will grow. How much we assume your pension savings will grow depends on the funds you are invested in.

Annuity rates

We assume that you will buy a lifetime annuity and it will be:

• Payable only to you
• Payable for life with no minimum period
• Paying you the same amount each month

What growth assumptions are used for each fund?

You can find the growth assumptions used for the pension calculator here. Remember, it will depend on what fund you're invested in.

What is an annuity?

An annuity provides you with a guaranteed income in retirement. Taking an annuity is just one way to take your retirement income. You can find out more about other options for using your pension savings by reading our Accessing your pensions savings help article.