The Pension Calculator tool can help you work out how much retirement income you might receive from saving in a personal, stakeholder or group personal pension.
The Money Advice Service (www.moneyadviceservice.org.uk), set up by Government, offers free and impartial money advice. They have designed the Pension Calculator to help people estimate the income a defined contribution pension might provide. A ‘defined contribution’ pension includes all personal and stakeholder pensions. It also includes group personal pensions (GPPs), which are employer organised personal pensions you pay into through your work payroll.
Defined benefit pensions, including final salary or career average pension schemes, operate differently. You should contact the scheme administrator if you want to find out what retirement income you might be entitled to from one of these pensions.
The Money Advice Service website explains how all the different types of pension work in more detail. If you want to find out more about your State Pension entitlements then you should go to the Government’s Pension Service website (www.thepensionservice.gov.uk). You can apply for a State Pension forecast online or we can arrange for one to be done for you.
The calculator allows you to input various details about any existing pension schemes you are paying into, how much you are looking to save for retirement and the age you wish to retire. The calculator will produce a personalised set of results for you, which you can play around with to see the impact of your selections. We would encourage you to input a variety of figures to see the impact on your retirement plans. Please note that these figures are not guaranteed and are only to be used as a guide.
Click here to view the calculator. A separate browser window will open displaying the calculator.
Should you wish to talk through your findings from the calculator, please do not hesitate to give us a call.