UK Pension Calculator: Plan Your Future With Confidence

The New State Pension is a regular payment from the UK government that most people can claim when they reach State Pension age. To qualify for the full New State Pension, you need 35 qualifying years of National Insurance contributions or credits. The full New State Pension amount increases each year according to the 'triple lock' system, which ensures it rises by the highest of inflation, average wage growth, or 2.5%.

Under auto-enrollment, employers must enroll eligible workers into a workplace pension scheme. Both you and your employer make contributions, and you also receive tax relief on your contributions. The minimum contribution is currently 8% of your qualifying earnings, with at least 3% from your employer. Our UK Pension Calculator factors in workplace pension contributions to provide a more comprehensive retirement forecast.

The Lifetime Allowance was a limit on the amount of pension benefit that can be drawn from pension schemes without triggering an additional tax charge. The Lifetime Allowance was abolished in the 2023 Spring Budget, effective from 6 April 2023. This means there is no longer a limit on the total amount you can save in your pension over your lifetime without incurring tax charges.

For the State Pension, you can claim it when you reach the State Pension age, which is currently 66 and is gradually increasing to 67 and then 68. For workplace and private pensions, you can usually access them from age 55 (rising to 57 from 2028). Our UK Pension Calculator accounts for these age thresholds when estimating your retirement income.