Project your combined state and workplace pension value at retirement.
This calculator provides estimates for guidance only. It does not constitute financial advice. Pension rules, tax relief, and state pension rates may change. Always consult a qualified financial adviser before making pension decisions.
Planning for retirement is one of the most important financial decisions you will make. The UK pension system has two main pillars: the state pension and workplace pensions. Understanding how each works -- and how they combine -- helps you make informed decisions about contributions, retirement age, and the lifestyle you can expect in retirement. The new state pension, introduced in April 2016, pays up to GBP 241.30 per week (2026-27) to those with 35 qualifying years of National Insurance contributions. If you have fewer than 35 years but at least 10, you receive a proportional amount. Alongside this, workplace pensions operate through auto-enrolment: employers must contribute at least 3% of qualifying earnings, and employees contribute at least 5%, for a combined minimum of 8%. Your workplace pension pot grows through contributions and investment returns over time, with the power of compound growth making early contributions especially valuable.
To project your pension value at retirement: 1. Enter your current age. This determines how many years of growth your pension pot has before retirement. 2. Set your target retirement age. The default is 67, which aligns with the rising state pension age. You can access workplace pensions from 55 (rising to 57 from 2028). 3. Enter your annual salary. This is your gross pre-tax salary. Workplace pension contributions are calculated on qualifying earnings -- the portion of your salary between GBP 6,240 and GBP 50,270. 4. Enter your existing pension pot. If you already have a workplace or personal pension, enter its current value. This forms the starting balance for the projection. 5. Set your contribution rates. The default is 5% employee and 3% employer (the auto-enrolment minimum). If you or your employer contribute more, adjust these figures. 6. Set the expected growth rate. The default of 5% represents a moderate assumption for a diversified pension fund. Lower rates are more conservative; higher rates reflect greater risk tolerance. 7. Enter your NI qualifying years. This determines your state pension entitlement. Most people working full-time in the UK accumulate one qualifying year per tax year. You need at least 10 years for any state pension and 35 years for the full amount. 8. View the results. The calculator shows your projected pension pot at retirement, annual and weekly state pension, total contributions, and a year-by-year growth chart.
The pension projection combines two separate calculations: **State pension:** Your weekly state pension is calculated as (qualifying years / 35) x GBP 241.30. If you have fewer than 10 qualifying years, the state pension is zero. The maximum is GBP 241.30 per week (GBP 12,547.60 per year) with 35 or more qualifying years. **Workplace pension contributions:** Only earnings between GBP 6,240 and GBP 50,270 (the qualifying earnings band) are subject to pension contributions. The formula is: qualifying earnings = min(salary, 50,270) - 6,240. Annual contribution = qualifying earnings x (employee% + employer%) / 100. **Compound growth projection:** Starting from your existing pot, the calculator adds annual contributions and applies growth each year: balance = (balance + annual contribution) x (1 + growth rate). This is repeated for each year until retirement, building a year-by-year projection. For example, with a salary of GBP 35,000, qualifying earnings are GBP 28,760. At 8% total contribution, that is GBP 2,300.80 per year added to the pot. With 5% growth, GBP 10,000 existing pot, starting at age 30 and retiring at 67, the projected pot grows substantially through both contributions and compound returns.
The figures shown use 2026-27 rates and thresholds. State pension rates are reviewed annually under the triple lock, which guarantees increases by the highest of average earnings growth, CPI inflation, or 2.5%. You can currently access your workplace pension from age 55, rising to 57 from April 2028. At retirement, you can take up to 25% of your pot as a tax-free lump sum. The remainder is taxed as income when withdrawn. Tax relief on pension contributions effectively means the government tops up your contributions. Basic rate taxpayers get relief at 20%, higher rate at 40%, and additional rate at 45%. This calculator shows gross contributions; the actual cost to you is lower after tax relief. Pension annual allowance is GBP 60,000 per year (2026-27), meaning you can contribute up to this amount with tax relief. The lifetime allowance was abolished in April 2024.