UK Pension Calculator 2026
Last verified · Methodology
Project your pension pot at retirement and estimate your income in drawdown. Enter your current age, retirement age, existing pot, monthly contributions, employer match, and expected growth rate. The calculator also adds the full new state pension (£11,973/year) to show your combined retirement income.
Your Pension Details
Projection assumes consistent contributions and growth rate. The 4% drawdown rule is a guideline, not a guarantee. State pension requires 35 qualifying NI years. Figures are illustrative and not guaranteed. Does not account for inflation or tax. Does not constitute financial advice.
How the Pension Projection Works
The projection combines two growth calculations. First, your existing pension pot is grown forward to retirement using compound interest: pot at retirement = current pot x (1 + annual growth rate) raised to the power of years to retirement. Second, your ongoing monthly contributions (including any employer match) are projected as a future value annuity.
The total retirement pot is then converted to an estimated annual income using a 4% drawdown rate, a widely used planning guideline. It is worth noting this does not account for investment charges, inflation, or variations in market performance.
The full new state pension of £230.25 per week (£11,973 per year in 2026) is added to give a combined income estimate. Receiving the full state pension requires 35 qualifying National Insurance years. The state pension age is currently 66, rising to 67 by 2028.
Contributions to a defined contribution pension attract tax relief, and employer contributions are effectively free additional money. Auto-enrolment ensures most UK employees are saving at least the minimum 8% combined contribution. Increasing contributions earlier has a dramatic effect due to compounding over time.
| Monthly Contribution | Pot at 67 | Annual Drawdown (4%) | With State Pension |
|---|---|---|---|
| £200 | £285,000 | £11,400 | £23,373 |
| £400 | £570,000 | £22,800 | £34,773 |
| £600 | £855,000 | £34,200 | £46,173 |
| £800 | £1,140,000 | £45,600 | £57,573 |
| £1,000 | £1,425,000 | £57,000 | £68,973 |
A common rule of thumb is to contribute half your age as a percentage when you start saving. For example, starting at 30 suggests contributing around 15% combined (your contribution plus employer match). Auto-enrolment minimum contributions are 8% total (3% employer, 5% employee including tax relief). Most financial planners recommend aiming higher, especially if you start later in life.
The full new state pension is £230.25 per week in 2026, equivalent to approximately £11,973 per year. To receive the full amount, you need 35 qualifying years of National Insurance contributions or credits. With fewer than 10 qualifying years, you receive no state pension. You can check your NI record and state pension forecast on the HMRC website.
The minimum pension access age is currently 55, rising to 57 in April 2028. The state pension age for both men and women is currently 66, rising to 67 between 2026 and 2028, and planned to rise to 68 later. Defined contribution pensions (including SIPPs and workplace schemes) allow flexible drawdown or annuity purchase from the minimum access age.
The 4% rule is a guideline from financial research suggesting that withdrawing 4% of your pension pot per year gives a high probability of your pot lasting 30 or more years. For example, a £400,000 pot would support £16,000 per year in drawdown. It is a planning tool, not a guarantee, and does not account for inflation, investment returns, or individual circumstances.
Pension contributions attract tax relief at your marginal income tax rate. Basic rate taxpayers effectively get 20% relief (for every £80 you contribute, the pension receives £100). Higher rate taxpayers can claim an additional 20% through self assessment, making the net cost only £60 per £100 in the pension. Contributions also benefit from employer NI savings if made via salary sacrifice.
The annual allowance for pension contributions is £60,000 in 2026/27, or 100% of your UK earnings if lower. This covers both your contributions and employer contributions. Those with income above £260,000 may have a tapered annual allowance. Unused allowance from the previous three tax years can be carried forward if you were a pension scheme member during those years.