Pension Calculator

If you are considering when you would like to retire, a good place to start would be to find out how much your current schemes will be worth and what you can expect for your State Pension.

Whether or not you’re entitled to the Full State Pension depends on your National Insurance record. You could receive up to £230.25 a week or £11,973.00 a year (correct for 2025/26 tax year). Find out when you can expect to receive your State Pension and whether you will receive the full amount at Gov.uk.

How to gather information about your pensions:

• If this is a Defined Benefit pension this will be based on your current (or final salary when leaving) and how long you have been a member of the scheme. You will need to contact the Scheme to receive a statement if you do not have these sent to you automatically.
• For Defined Contribution pension, where the value is based on the amount you and your employer has contributed, and any investment growth, you can ask the scheme for an annual statement (if you do not receive these already).
• You may need to track down and find forgotten pensions. There are companies that offer to help with this, but you can track them down yourself with the Government’s scheme finder.

Thanks to Pension Freedoms rules, you can take 25% of your pension tax-free at age 55 (correct at current tax year 2025/26). This can help you pay off your mortgage, make home improvements, and help you get ready for the future. The most important thing to bear in mind when accessing

your pensions is that while 25% of your total fund can be withdrawn tax-free, if benefits exceed the LSDBA it will be subject to income tax. If this is the case then you are likely to face 20%, 40% or even 45% tax on those withdrawals, eroding years of pension savings in a moment, which can’t be reversed. Learn more about pension tax advice here.

You have the power to choose how you use your pension pot. It’s up to you to manage your spending and ensure that you have enough income to last for the whole of your retirement. There are four main options for how you can use your pension pot, which we will outline in our Pension Freedoms brochure; purchase an Annuity, take your tax-free lump sum, take smaller lump sums, or use Flexi-access drawdown.

Even if you’re already retired and drawing on your pension benefits, you can still contribute to your pension fund. This is particularly useful for those taking a phased-approach to retirement, and are still contributing to a workplace pension. Learn more about the Money Purchase Annual Allowance and how this will affect your contributions once you have begun to draw on your pension.

We want our clients to be looking forward to retirement. Our pensions calculator can help you understand questions like ‘How much do I need to retire?’ and ‘When can I retire?’. Our guide to saving for retirement discusses the options you to help you get on track, including:

• Your State Pension
• How your pension is calculated; Defined Benefit and Defined Contribution pensions
• The allowances and rules you’re subject to.

Tax doesn’t stop when you stop working. You may still have an income tax liability if your retirement income exceeds your allowances. Now that you have an idea of what that might be (thanks to our retirement calculator), our guide dives deeper into the complex area of pensions tax.

Please note: the content of this guide is generic, and not specific to your personal circumstances. For bespoke financial advice, we recommend speaking to a financial adviser.

If you want to reduce the amount of tax that you pay the solution is in your own hands. Planning could help you to lessen the rising tax burden – and we’re here to help. Our guide could help you understand the allowances and reliefs available to you, so you can take control of your tax.