Retirement calculator

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(For existing members only)

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How much does it cost you?

This is how much money would go into your pension account each month. As well as the company contribution, tax and National Insurance savings reduce what you have to pay. This is calculated below.

Amount going into your account:

Tax & NI relief means you save:

Tax and NI relief means that for every £1 that goes into your pension account, you only actually pay 80p (or 60p if a higher rate tax earner)

So you will end up paying:

PLUS the amount paid into your account by the Company:

This means, for the amount you end up paying, you get a monthly total of:

How much will go into your account?



Amount you add to your account:

Amount the company adds to your account:


This means that for each

you add to your pot every month
(including NI and tax relief)

is paid into your pot

What could you get at retirement?

The amount of money paid into your pension account, and how long you are a member will affect what you get at retirement. Use the slider below to show how your retirement age affects the value of your pension account. Please remember that the size of your account will also be affected by the investment funds you choose. It’s really important that you make the right investment choices for your personal circumstances and review these choices regularly.

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Retirement pot

Tax-free lump sum

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Yearly retirement income

You can see what effect taking a different tax-free lump sum could have on your yearly retirement income by sliding the blue dot above. The Retirement pot can be taken as a cash lump sum or a series of cash lump sums.

Why not see how this compares to how much income you think you will need in retirement by using our Retirement budget calculator?

How much is paid into your account?

What you and the company pay into your account from now until your chosen retirement age, based on these assumptions:
By you:
By the company:
Tax relief received:

The retirement calculator is designed to show you how much your pension account will grow by and how much you may receive at retirement. The retirement calculator estimates your pension account value assuming you begin saving today.

In order to determine this we need to know a few details about how much you earn and your current age.
  • Fill in your annual basic pay details in the boxes on the left side of the screen and select your employee and employer contribution.
  • Select your date of birth.
  • The retirement calculator will automatically populate to show you the amount that goes into your pension account. You can click on the step 2 and 3 buttons to see how much it costs you and how much you will get at retirement.
  • On step 3 you can change your retirement age to see how this will affect your estimated income at retirement. Simply move the slider to the age you would like to retire. You can also amend your tax free lump sum amount to adjust the figures.


Please note that this website has been designed for all major internet browsers, including Safari, Chrome, Firefox, Edge and Internet Explorer (version 11).

I have read the assumptions

We hope you find the retirement calculator helpful in planning for your future. Although we can’t predict what will happen between now and when you retire, in order to provide these figures we have to make some assumptions. The types of things we have to think about and our assumptions are listed below.

Please be aware the figures produced from the retirement calculator are indicative only and do not constitute an entitlement to benefits from the Wincanton plc Pension Scheme. You should not use the retirement calculator as your sole retirement planning method, you can also use the modelling tools in your pension account and you may want to contact an independent financial adviser for help with your retirement planning.


These assumptions are based on the 2019/20 assumptions as advised by the Scheme’s Consultant. 

What you will do in the future

  • Contributions are made by both you and the Company based upon the percentage of annual pay as selected by you, less the Lower Earnings Limit, whilst you are an active member of the Scheme.
  • You will continue to be an active member of the Scheme until your normal retirement age, which is currently 65 under the Rules of the Scheme, or other retirement age you chose in step 3.
  • Your annual pay will increase in line with inflation.
  • The figures are shown at ‘today’s prices’ meaning your retirement pot figures are discounted for future inflation. Inflation has been assumed to be 2.5% per year.

Tax and National Insurance

  • Tax and National Insurance (NI) relief is calculated using a tax code of 1250L (i.e. single person allowance of £12,500 per year in 2019/20).
  • Tax and NI bands are based on rates in the 2019/20 tax year.
  • It is assumed that your pension contributions are made via SMART Pensions and that you pay National Insurance contributions. SMART Pensions is simply an efficient way of making pension contributions via salary sacrifice. It reduces the amount of National Contributions you pay, allowing you to keep more of your take-home pay.

Your benefits when you retire

The cost of buying an annuity (yearly retirement income) is based on gender neutral annuity rates at April 2019, assuming that:

  • You are a non-smoker with a fund value of around £50,000.
  • An underlying real interest rate of 0.25% per year is used in calculating the cost of converting your fund to pension.
  • The pension that you purchase at retirement is assumed to increase in payment in line with inflation, as measured by RPI.
  • We have assumed you are married and your spouse will receive a pension after your death equal to 50% of your own pension income.


  • Your pot is, and will continue to be invested in the Cash at Retirement Lifestyle option, whilst you are an active member of the Scheme.
  • Equity funds will yield a net* return of 5.31% per year.
  • ALMA funds will yield a net* return of 4.72% per year.
  • Cash funds will yield a net* return of 1.37% per year.
  • The income shown is after annuity charges have been deducted.

*‘Net return’ is the fund investment return after fees. Different fees are deducted dependant on the fund in which you’re invested. 

Things to note:

  • If you enter your gross pay into the annual pay box, this may not be the same as your pensionable pay as it may include certain elements, like bonuses, car allowances and holiday pay.
  • The annual pay amount that you enter will determine whether you are a basic or higher rate tax payer. This tax rate will then be used to calculate the amount of tax and NI relief you receive. The actual tax relief you receive depends on your individual circumstances and may differ from the amount quoted.
  • You can start taking benefits from age 55.

If you require any further details about the assumptions used in this retirement calculator please contact the Scheme administrator.

You can run different retirement illustrations by logging into your personal pension account.