Pension calculator - how much money will I have?

How much will my pension pot be worth at retirement?

The Which? pension calculator gives you an idea of how much your savings could be worth at retirement, as well as the annual income you could expect to get depending on how you choose to access your pension. 

We've assumed your savings grow by 6% a year, and you pay annual charges of 0.75% (workplace pension charges are capped at this level). The calculator also assumes an average rate of inflation of 2% a year.

To get a fuller picture of the income you could expect to get in retirement, you'll also need to factor in the state pension. 

What are my pension options?

Before you retire, you'll need to consider how to turn your pension savings into an income to live on after you've stopped working.

You can take up to 25% of your pot tax-free from the age of 55 (rising to 57 in 2028), and then access the rest of the money using any combination of the following: 

Buy an annuity

An annuity lets you swap your pension savings for a guaranteed regular income that will last for the rest of your life.

How much you get is determined by the value of savings you want to exchange, your health and the rate offered by the annuity provider you choose. 

The certainty that annuities offer is their main selling point, but once you've arranged an annuity, you can’t alter your level of income or switch to another provider.

If you take out an annuity as a result of using the service from HUB Financial Solutions, Which? will earn a commission to help fund our not-for-profit mission.

Check your annuity options

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Use pension drawdown

Pension drawdown involves keeping your savings invested when you reach retirement. You can then take money out as you wish. 

Flexibility is the big selling point, as drawdown allows you to tailor your income to match your circumstances. But it also comes with risks.

Take out too much, too soon and you could run out of money. Plus, the value of your pot could take a hit if your investments underperform.

• Find out more: best pension drawdown providers 2025 • Pension drawdown calculator

Take lumps sums

You can leave money in your pension and take out lump sums when you need to.

You could also choose to cash in your entire pension in one go.

The first 25% will be tax-free and the rest will be taxed at your highest tax rate (by adding it to the rest of your income).

• Find out more: your options for accessing your pension