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Savings, loans & pensions · UK 2026/27

Pension calculator

See how big your pension pot could be when you retire, what that's worth in today's money, and how much you could take as a tax-free lump sum.

£
£
%
%
Your payslip or pension scheme booklet tells you which one your employer uses.
Growth assumptions
% a year
% a year
% a year
Use growth after fund charges. 5% is a middle-of-the-road assumption, not a promise.
Pension pot at retirement
£0
25% tax-free lump sum–
Total paid in–
Investment growth–
Full State Pension£241.30/week
AgePotIn today's money

Quick answer

How much is the State Pension in 2026/27? The full new State Pension is £241.30 a week (£12,547.60 a year) from April 2026. The full basic State Pension, for people who reached State Pension age before April 2016, is £184.90 a week.

How this pension calculator works

The calculator projects a defined contribution pension, the type most people have through work or in a personal pension or SIPP. It works year by year until you retire:

  1. Your pot grows by the investment growth rate.
  2. That year's contributions are added: your percentage plus your employer's, applied to your salary or to your qualifying earnings.
  3. Your salary rises by the pay rise you entered, ready for the next year.
Pot at end of year = pot at start × (1 + growth) + (your % + employer %) × pay

It then divides the final pot by inflation over the same period to show what it would buy in today's money, which is the figure to plan with. A pot of £500,000 in 37 years' time won't feel like £500,000 does now.

Enter your own contribution as the total that goes into your pension, including tax relief. Under relief at source, a 5% contribution usually shows as 4% on your payslip because the government adds the other 1%.

Worked example

A 30-year-old earning £35,000 with £20,000 already saved, paying 5% of salary with a 3% employer contribution, retiring at 67:

  • Contributions start at £2,800 a year and rise with pay at 2.5% a year
  • Total paid in over 37 years: about £167,255
  • With 5% yearly growth, the pot reaches about £523,491
  • In today's money, allowing for 2.5% inflation, that's about £209,955
  • Tax-free lump sum: 25% of the pot, about £130,873

Over half the final pot comes from investment growth rather than money paid in. That's why starting early, even with small amounts, makes such a difference. See how growth snowballs on the compound interest calculator.

Workplace pension rules for 2026/27

  • Auto-enrolment minimum: 8% of qualifying earnings in total, with at least 3% from your employer. Qualifying earnings are pay between £6,240 and £50,270 a year.
  • Tax relief: you get relief at your highest rate of income tax on contributions up to 100% of your earnings, within the £60,000 annual allowance.
  • Salary sacrifice: if your employer offers it, you also save National Insurance. Compare the effect on your pay with the take-home pay calculator.

The 25% tax-free lump sum

From age 55 (rising to 57 from April 2028) you can usually take up to 25% of your pension tax-free. The total you can take tax-free across all your pensions is capped by the lump sum allowance of £268,275, unless you have protection from an older limit. The rest is taxed as income when you draw it, whether through drawdown, an annuity or lump sums.

The State Pension in 2026/27

The full new State Pension is £241.30 a week for 2026/27, or £12,547.60 a year. You usually need 35 qualifying years of National Insurance to get the full amount and at least 10 years to get anything. State Pension age is currently 66 and is rising to 67 between April 2026 and April 2028 for people born on or after 6 April 1960. Check your own forecast on GOV.UK.

How much pension do I need?

The Pensions and Lifetime Savings Association's Retirement Living Standards are a useful yardstick. A rough rule is to aim for around two thirds of your pre-retirement income, including the State Pension. If your projection falls short:

  • Raise your contribution by 1% or 2%. Many employers will match extra contributions up to a limit.
  • Track down old workplace pensions using the government's Pension Tracing Service.
  • Check your fund's charges. A 1% yearly charge instead of 0.5% can take tens of thousands off a pot over 30 years.

Frequently asked questions

How much is the State Pension in 2026/27?

The full new State Pension is £241.30 a week (£12,547.60 a year) from April 2026. The full basic State Pension, for people who reached State Pension age before April 2016, is £184.90 a week.

How much can I take tax-free from my pension?

You can usually take 25% of your pension pot tax-free, up to a lifetime maximum of £268,275 (the lump sum allowance). The rest is taxed as income.

What is the minimum workplace pension contribution?

Under auto-enrolment the minimum is 8% of qualifying earnings (£6,240 to £50,270 a year), of which your employer must pay at least 3%. Most employees pay the other 5%, including tax relief.

What growth rate should I use for my pension?

Many projections use 5% a year after charges as a middle assumption. Try 2% and 8% as well to see a cautious and an optimistic range, since returns are never guaranteed.

When can I access my pension?

You can usually take money from a private or workplace pension from age 55, rising to 57 from 6 April 2028. The State Pension starts at State Pension age, currently 66 and rising to 67 between 2026 and 2028.

Last reviewed October 2026 using 2026/27 figures. This calculator gives an estimate for guidance only.