Pension calculator

For a simple and smarter way of seeing what your retirement income could be, our pension calculator could help.

Find out how making changes to your contributions could make a difference to your overall pension pot. Plus, discover how changing your retirement date could impact how much money you have in the future.

Frequently asked questions

  • You receive government tax relief when you pay into your pension. For example, if you pay in £80, HMRC will add an extra £20.

    When you decide to withdraw from your pension, the first 25% is generally tax-free. The rest is taxed as income. 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.

  • One of the benefits of investing into a pension is tax relief. If the basic rate of tax is 20%, for every £80 you pay in, the government will top this up with an extra £20.

    If you’ve told us you’re eligible, we’ll add basic rate tax relief automatically to any regular or one-off contributions you make into your Ready-Made Pension. If you’re a higher rate taxpayer, you can claim additional tax relief through your self-assessment tax return.

    How much you can pay in without a tax charge will depend on your circumstances.

    • You can normally pay up to £60,000 (the Annual Allowance) into your pensions each tax year without paying a tax charge (or up to 100% of your taxable yearly income if less).
    • If you’re not working and don’t have any income, you can still pay in £3,600 each tax year (you pay in £2,880, with £720 tax relief).
    • If you’re a high earner, a lower limit could apply known as Tapered Annual Allowance. See further information at
    • If you’ve taken out a taxable cash sum or flexible income, the amount you can contribute without paying a tax charge is limited to £10,000 (the Money Purchase Annual Allowance).

    Tax treatment depends on your individual circumstances. Your circumstances and tax rules may change in the future.

  • If you would like financial advice, you could speak to an Independent Financial Adviser. Unbiased will let you find a local adviser based on your requirements. There will be a charge for this service.

    You get free help and guidance through Pension Wise. If you’re over 50, you’ll also benefit from a free 60-minute appointment.

    Alternatively, our partners Schroders Personal Wealth could also help. They provide personalised advice on a range of different products and services. It all starts with a free, no obligation chat, then a financial plan that’s tailored to you. To be eligible, you’ll have at least £100,000 in sole or joint savings, investments or personal pensions, or sole income of at least £100,000. Fees and charges may apply.

  • There are several ways to pay money into your account.

    You can make one-off payments by debit card payment or bank transfer. Just tell us the amount you want to pay or the account you want to choose, and we’ll do the rest for you.

    You can also set up regular contributions by letting us know the amount and the day you want the money to be paid.

    Log on using Internet Banking or use the Mobile Banking app to contribute to your pension.

  • Paying into a pension earlier can bring benefits later down the line as it gives your investment more time to grow.

    However, any age is a good age to start a pension – especially if your employer is offering to make contributions or match your own.