How much will I get when I retire?

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 check 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, and what age you choose to take your money etc. The value is also based on a number of general assumptions.

Your projected pension pot at retirement is also affected by inflation – find out more

MoneyHelper’s 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 see how much you might need in retirement.

Was this article helpful?

Please score it so we can improve and offer you more

LikeDislike
Loading...
 Members 47 people found this helpful