Pension calculator
Discover Lloyds pensions
Ready-Made Pension
- Built and managed by experts.
- A simple and easy way to save for your retirement.
- Straightforward competitive fees.
Whatever retirement means for you, discover how it can be made easier with our Ready-Made Pension.
Self-Invested Personal Pension
- Flexibility to choose and manage your own investments.
- Start with contributions from as little as £1.
- SIPP admin fees are capped leaving more money for you to save for retirement.
Take control of your retirement, tailor your portfolio to fit your needs, risk appetite and financial objectives.
Let’s look at the details
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When you pay into your pension, the government gives you tax relief. For example, if you pay £80 into your pension, HMRC will add an extra £20. If you're a higher-rate taxpayer, you may need to claim some tax back through self-assessment.
How tax relief on pension contributions works.
When you withdraw from your pension, the first 25% is usually tax free. The rest is taxed as income. But this depends on the retirement benefits you take.
Don’t forget that tax treatment depends on your individual circumstances, and both your circumstances and tax rules may change in the future.
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One of the best things about saving into a pension is that you get tax relief. For every £80 you invest in your pension, the government tops it up by £20.
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Ready to boost your pension pot? There are a few ways to do it.
Make a one-off payment - use your debit card or make a bank transfer. Simply tell us the amount you want to contribute or the account you'd like to use, we'll handle the rest.
Set up regular contributions - decide on the amount and the day you want the money to be paid, and we'll get it sorted for you.
Log in to online banking or use our app to pay into your pension.
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Want your money to work harder for you in the future? Starting a pension sooner rather than later gives your investments more time to potentially grow.
But don't worry if you haven't started yet, any age is a great time to begin a pension. If you have a workplace pension, then your employer will also contribute or may even match your own payments.
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There's no exact figure you should have saved in your pension by your retirement. Everyone's circumstances are different. It can depend on what kind of income you're used to, and what your future expenses will look like. Use the pension calculator to work out how much you might need when you retire.
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Need a little extra guidance? You have a few different options.
You could have a chat with an independent financial adviser through Unbiased. They can help you find someone local who fits your specific needs. Keep in mind that there is usually a charge for any advice given.
For free help and guidance, visit Pension Wise. If you're over 50, you can also take advantage of a free, in-depth 60-minute appointment with them.
Our trusted partners at Schroders Personal Wealth could also help. Speak to them for a free, no-obligation chat, and you’ll get a financial plan made just for you. To get this, you'll generally need at least £100,000 in savings, investments, or personal pensions (either individually or jointly), or an individual income of £100,000 or more. Fees and charges may apply.
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Important legal information