Retirement calculator

See what your pension could be worth when you retire.

This calculator is designed for members of the defined contribution (DC) section of the Scheme. It gives you an estimate of how much your pension pot could grow over time, based on your pay and contributions. It's a guide only and not a guarantee of what you'll receive.

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?Click here to find out more about SMART Pensions

(Existing members only)

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Results

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:

Go to step 2 to see how much money you could save each year!

How much will go into your account?

Monthly

Annually

Amount you add to your account:

Amount the company adds to your account:

Total:

This means that for each

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

is paid into your pot

Go to step 3 to find out what you could get in your account when you reach your selected retirement age. The contribution amounts are based on qualifying earnings, that is, the part of annual salary over £6,240 (the lower limit for pension contributions in the 2024/25 tax year), which is also assumed not to increase for the purpose of this illustration.

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

25%
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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 assumptions used in the retirement calculator differ from those used in your Benefit Statement. Please be aware the figures produced from the retirement calculator are indicative only and do not constitute an entitlement to benefits from the Wincanton 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.

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