It’s possible to get an estimate of how much you’ll get from a workplace pension. You may hear this referred to as a ‘pension projection’. You can get this from your pension scheme provider and with The People’s Pension, you can see this in your Online Account. This will give you the opportunity to make sure that your pension savings still meet your needs. Remember, it’s not a promise or guarantee that your benefits will be paid at the value shown in the projection statement. Lots of things affect what you might get back such as how long your money is invested, how much you pay in, how the investment performs, what age you choose to claim your benefits etc. The value is also based on a number of general assumptions.
The Money Advice Service pension calculator can give you an estimate of the income you’ll get when you retire. This will include income from defined benefit and defined contribution schemes, plus your basic State Pension.
You can also use our life expectancy calculator to help you work out how long your pension money will need to last, and our future budget calculator to help you work out how much you’ll need in retirement.