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Pension calculator

How much could your pension be worth, and will it pay the retirement you want?

Illustrative only, not financial advice
Capital at risk
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About you

Your age Retire at

1880

Desired monthly retirement income In today's money, after income tax, including any State Pension

Take 25% tax-free cash

Include the full new State Pension

More settings

Plan income to age

Your pension pots

Aggregated Pension pots today £

You pay, monthly £ Employer pays, monthly £

Tax relief:

I pay Scottish income tax

Any relief above 20% is assumed to be claimed back through your tax return and paid into your pension too. The Scottish choice also sets the income tax on your retirement income. Not tax advice.

Annual charges:

Annual charges, %

All the charges on your pots together – platform, fund and any adviser fees – as a percentage of the pot each year. They are taken off the growth before anything else.

Investment growth

Based on my mix

Shares Bonds (UK government) Cash

Moving one slider rebalances the others.

Default illustrative inputs – not a forecast, and not a view on how any asset class will perform.

Your pot over time

In today's money

Expected Range from weak to strong markets

From retirement the pot pays enough, before income tax, to leave your desired income, less your State Pension once it starts; with tax-free cash ticked, the step at retirement is the cash taken out.

Pot at retirement

Weak to strong:

a month a month

From your pot

Weak to strong:

State Pension

Income tax

Monthly income in retirement, after tax

Spending figures from the Retirement Living Standards by Pensions UK.

See what would close the gap

Add your ISAs, savings and property, then test what changes – saving more, retiring later or spending less – would get you to your target.

Start a one-week free trial

Takes about 10 minutes to set up. No card needed.

How this calculator works

Everything is in today's money. Your contributions rise with inflation, assumed at a year.
What you pay gets tax relief added at the rate you choose under "Tax relief" – basic rate by default (£80 becomes £100). At higher or additional rate, the relief you claim back through your tax return is assumed to be paid into your pension too. You can also leave tax relief out.
Each asset class has an expected return and a volatility, and moves with the others according to their correlations. These are the same assumptions our full simulation uses, held at today's market regime for the whole plan.
If you pick a growth rate of 3%, 5% or 8% a year, it replaces your mix's expected return: a typical year grows by that much before inflation and charges. The ups and downs around it still come from your mix.
Each result is an expected figure with a range from weak to strong markets. The expected figure is the middle outcome – as likely to be beaten as missed. The range is wide enough that only about 1 in 10 outcomes would be worse than its low end, and about 1 in 10 better than its high end.
Your income stays the same all through retirement. Until your State Pension starts, your pot pays all of it; after that, your pot pays only the rest. The amounts are set so the pot runs down to nothing by the age you plan to.
Income tax is worked out on your pot income and State Pension at 2026/27 rates: a £12,570 personal allowance (reduced above £100,000), then 20%, 40% and 45% – or, if you tick "I pay Scottish income tax" under Tax relief, Scotland's 19%, 20%, 21%, 42%, 45% and 48% bands. If you take tax-free cash up front, the rest of what you draw is taxed; if not, a quarter of each withdrawal is tax-free. The thresholds are frozen until April 2031, so they shrink in today's money until then; after that they are assumed to rise with inflation. Other income is not included.
Your State Pension starts at your State Pension age (66, 67 or 68, from your year of birth) and rises with inflation.

Investment Assumptions

Expected returns are long-run capital market assumptions, less inflation. Volatilities and correlations are those of the simulation's current market regime. Captured . Default illustrative inputs – not a forecast, and not a view on how any asset class will perform.

The last three columns are correlations: 1 means two assets move together, 0 means unrelated, negative means opposite.

What the figures leave out

Changes in market conditions. Our full simulation lets markets move between calmer and rougher spells; this calculator holds today's conditions for the whole plan.
The tax-free cash allowance is frozen in pounds, so it is smaller in today's money by the time you retire.
Annuities, defined-benefit pensions, ISAs and other savings, and a partner's pension.

Capital at risk. The value of investments can fall as well as rise and you may get back less than you invest. Past performance is not a reliable guide to future returns. The figures shown are illustrative examples based on model assumptions and the inputs you provide; they are provided for general information only and do not constitute financial, investment, tax or legal advice, a personal recommendation, or a financial promotion. The investment mixes are illustrations, not recommendations. Allocatewise is not authorised or regulated by the Financial Conduct Authority. Income tax in retirement is estimated at standard UK or Scottish rates; it does not reflect your personal tax position. If you are unsure whether an investment is right for you, seek advice from a regulated financial adviser. See our full disclaimer.