A pension is a long-term investment. Its value can go down as well as up and could be worth less than was paid in. Laws and tax rules may change in the future. Your own circumstances and where you live in the UK will also have an impact on tax treatment.
We all want to enjoy life after we stop working. Whether you want to see more of the world or spend more quality time with your family, you probably have a rough idea of what you want your life to be like in future.
If you save money into a pension plan, it’s worth knowing if your savings are on track to help you afford your ideal lifestyle after you stop working. Our pension calculator can help you get an idea of how much pension money you could have. It can also help you see if you need to start saving more
Our pension calculator is quick, simple and can help you decide what’s best for your retirement. Give it a try below to get started.
The chart shows how close you are to meeting your goals.
Change the values below and see the impact these changes could have on your retirement income.
Your pension details will be shown here
��24,737Shortfall
��7,860Pension
Decide what kind of lifestyle you want in retirement in comparison to your lifestyle today.
The Pension Commission investigated the expenditure pattern of those aged 65 to 74 to those aged 50-64. They discovered there was a pattern between the level of income before retirement and the amount of expenditure in retirement. The table below gives the percentage of final salary needed to maintain a current lifestyle when retired.
| Gross Final Salary before retirement | Percentage of gross final salary needed to maintain current lifestyle |
|---|---|
| Less than ��9,500 | 80% |
| ��9,500 to ��17,499 | 70% |
| ��17,500 to ��24,499 | 67% |
| ��25,500 to ��50,000 | 60% |
| More than ��50,000 | 50% |
This is sometimes called a Money Purchase or Defined Contribution pension and can include Additional Voluntary Contributions (AVCs)
The first type provides the benefits that can be purchased by the accumulated payments that have been made into the pension. For this type individuals do have their own collection of assets allocated to them. This first type is called the defined contribution.
The second type provides benefits that are defined by a formula, often related to your salary, either at or near retirement, or averaged in someway over your working lifetime. Since benefits are defined by a formula, individuals do not have their own collection of assets allocated to them within the pension. This second type is called defined benefit.
It is also possible to have a combination of these two main types, for example the greater of a defined benefit and a defined contribution. The tool is not designed to accommodate this type.
You can contact your pension provider for a current value, look at your last annual statement or an estimate will do.
If you are not still paying, leave this as 0%
If your employer does not pay in, leave this as 0%
This is sometimes called a Final Salary or Defined Benefits pension
The first type provides the benefits that can be purchased by the accumulated payments that have been made into the pension. For this type individuals do have their own collection of assets allocated to them. This first type is called the defined contribution.
The second type provides benefits that are defined by a formula, often related to your salary, either at or near retirement, or averaged in someway over your working lifetime. Since benefits are defined by a formula, individuals do not have their own collection of assets allocated to them within the pension. This second type is called defined benefit.
It is also possible to have a combination of these two main types, for example the greater of a defined benefit and a defined contribution. The tool is not designed to accommodate this type.
See the statement you receive from the trustees who run the pension.
You should include the pension income amount given in today's terms, not the projected amount that will be paid on your retirement age, often described as the 'revalued pension'.
This age will also be shown on the statement you receive from the trustees who run the pension. If you retire before or after this age the amount of this pension could change.
Some employers may offer to 'match' employee payments. You can also use a combination of the employer and your own payments to see what different 'matching' payments may provide at retirement. Speak to your employer or financial adviser for the rules and the limits.
Please enter an age between 55 and 74. Certain types of company pension scheme may have rules on the age at which you wish to retire - please speak to your employer if you require further information.
Where the Single-Tier State Pension is included, we have assumed you are entitled to the full Single-Tier State Pension, which may require you to have 35 qualifying years of national insurance contributions. Currently the State Pension Age for men is 65. On 6 April 2010, the State Pension Age for women started to increase gradually from 60 to 65, to match men's from November 2018. From December 2018 the State Pension Age for both men and women will start to increase to reach 66 by October 2020. From April 2026 the State Pension Age for both men and women will start to increase to reach 67 by April 2028. The Government is also considering the timetable for future increases to the State Pension Age from 67 to 68. Any change to the timetable needs the approval of Parliament. The tool reflects the Government's proposal regarding changes to the State Pension Age. If you don't believe you are eligible for the State Pension, you can deselect it.
If you feel you’re not on track to meet your retirement saving goals, you could consider a pension top up. Even putting in a little extra each month or when you can afford it could make a big difference.
Find out more and make a payment into your Standard Life pension.
Get a pension plan and choose from two investment options to suit your goals.