20 Mar 2016

A question about : pension calculator anywhere?

Im going to be auto enrolled in the spring and gave been looking for somewhere that will give me a estimate of my pension pot when I retire. Maths is not my strong point so am looking for somewhere I can put in age and salary and it will calculate my final pot using the yearly increments based on the minimum required payments. I understand that it will not be an accurate figure but would like to at least know what the figure would be if zero growth occurred.
thanks
Rob

Best answers:

  • https://www.hl.co.uk/pensions/interac...ion-calculator
    This doesn't consider 0% growth though, minimum of 5% estimated. You can view in both Todays Terms or Money Terms (todays terms should be used for basic users really).
  • H-Ls one should do the job for you - see here
  • Thanks for that, I can then calculate it from the 2018 increase on wards at least.
  • Just re myself and not suggesting these figures apply to anyone else:
    As a 40 year old I have worked out my pension income aged 67 will be about the same as my total pension contributions (inc employer and HMRC) now. So if I want Ј10k pa aged 67 (in 2014 real terms), that means Ј10k pa has to be paid in from now until then, ie for the next 27 years.
    That's based on using the most 'pessimistic' standard settings in the pension modelling program we get access to via work. It might actually turn out to be worse than that of course - or conceivably better but I somehow doubt that!
  • Age UK have a good pensions calculator too:
    https://www.ageuk.org.uk/money-matte...on-calculator/
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