Use this Pension Calculator to see if you’re on track for retirement

This pension calculator, provided by MoneyHelper, can help you understand whether your savings are on track to give you enough financial security in retirement and the income you will likely receive.

Knowing whether you are saving enough for a comfortable retirement really begins with asking yourself when you might want to stop working and what you want out of life in retirement. With an idea of your expectations you can then take a reasonable view on whether you are saving enough.

Armed with some thoughts about what a comfortable retirement means for you, now take a look at where you stand today based on your current pension savings and what you currently pay into your pension pot using the pension calculator below.

How to use the pension calculator

To use the pension calculator, click below to get started. You will need to provide some basic information and information about your current salary and existing pension contributions, and your pension savings to date. This is to help calculate your likely total pension savings based on your current circumstances.

Remember, unless you have combined your old pensions into Creative Pension Trust, you will need to have details of any old pension pots from previous jobs in order for the pension calculator to provide an accurate view of your likely retirement income.

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Pensions calculator

Are you doing enough for your retirement?

There are no right or wrong answers when it comes to how much you should pay into your pension because how and when you retire and what standard of living you want to have is a personal choice.

Remember, whatever you save into your pension, your employer also pays in, meaning you don’t pay for all if it yourself. If you pay income tax, you also receive tax relief on whatever you pay in too. Taking these facts into consideration makes your workplace pension the most efficient way for you to save for the future. There simply isn’t another long-term way to save that does so much for individual savers.

If you know you need to do more to save for your future, it’s as easy as contacting your HR or Payroll Department to ask them about making an additional regular contribution along with your regular contribution.

However much you choose to save, just remember that the earlier you save, the more you save and the more frequently you check you are on track, the more you will have to look forward to when it’s time to kick back and enjoy life! So, save early, save often, and check regularly. Remember, you can see how your pension savings are doing at any time using your Member Portal.