What's Left, step 6 of 7: Will my pension be enough?
Pension calculator
Estimate your workplace pension pot at retirement and the tax-free lump sum you could take.
In today's money, at 67 your pot could be worth
£213,477.90
That is £444,180.29 in future pounds, after 2% a year inflation, including a 25% tax-free lump sum of £111,045.07.
Your pension
| Item | Amount |
|---|---|
| Your contributions (5%) | £1,438.00 |
| Your employer's (3%) | £862.80 |
| Paid in by 67, with 3.70% pay rises | £123,265.93 |
| Assumed growth | 5% a year |
| Tax-free lump sum (25%) | £111,045.07 |
| Pot at 67, in future pounds | £444,180.29 |
| Pot at 67, in today's money | £213,477.90 |
| State Pension from 67, with 35 qualifying years | £12,547.60 a year |
Your State Pension would be £241.30 a week (£12,547.60 a year) in today's money, the full amount.
This is an illustration, not advice. It assumes contributions on qualifying earnings from £6,240 to £50,270, paid at the end of each year, and steady growth. Inflation of 2% a year is used for today's money. The State Pension is in today's money at the 2026/27 rate; it rises each year and depends on your full National Insurance record, so check your forecast on GOV.UK.
How your pension grows
Auto-enrolment contributions are at least 8% of qualifying earnings: 5% from you (including tax relief) and 3% from your employer. Qualifying earnings are your pay between £6,240 and £50,270, so on £35,000 they are £28,760 and the minimum going in is £2,301 a year.
Each year the pot grows by the growth rate, less any charges, and that year's contributions are added; your pay, and so your contributions, rise by the pay-rise rate. We start from the FCA's middle projection rate of 5% and ONS average pay growth. The answer is shown in today's money: the future pot shrunk by the Bank of England's 2% inflation target for each year, so you can compare it with prices now.
Most people can take 25% of their pot tax-free from age 57 (from 2028); the rest is taxed as income when you draw it.
Common questions
How much is the full State Pension in 2026/27?
£241.30 a week, £12,547.60 a year. You need 35 qualifying years of National Insurance for the full new State Pension and at least 10 to get any.
What is the minimum workplace pension contribution?
8% of qualifying earnings (pay between £6,240 and £50,270), of which at least 3% comes from your employer. Your share includes tax relief.
How much of my pension can I take tax-free?
Usually 25% of your pot. The rest is taxed as income when you take it.
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These results are an estimate, not financial advice. They use the 2026/27 rates in force on 24 October 2026 and the inputs shown, so your actual tax, pay or costs may differ. Before making a decision about your money, check the figures with HMRC or your provider, or speak to a regulated financial adviser. Free, impartial guidance is available from MoneyHelper.
This page explains the rules using the 2026/27 rates in force on 24 October 2026. It is general information, not financial advice. For decisions about your own money, speak to a regulated financial adviser, or get free, impartial guidance from MoneyHelper.