The Moneyfarm Pension Calculator
Discover how much you should be saving for retirement with our pension calculator.
About you
Your current situation
Your goal
Results:
Your pension
Retiring at 66 with your current monthly contribution of £200, your annual income will be £20,616 off your target.
Retirement income (annual):
Current:
£29,384Target:
£50,000Retirement pot:
Current:
£508,936Target:
£1,095,646Your contribution
By increasing your current monthly contribution and transferring your pension to Moneyfarm you'll be able to achieve your target retirement income.
Current monthly contribution of£200
A new monthly contribution of£427
Ideal monthly contribution of
£627
Your options
- Lower your target income
- Delay your retirement
Or, let Moneyfarm help you:
- Open a pension plan of £427 to increase your contribution
- Transfer your current pension to Moneyfarm and increase your contribution by £427
Reach your target with us
The figures here take into account of inflation at 2% and show the buying power of your pension in today’s money. We use the tax year 2024/25 for the relevant figures. If you have any questions, contact our Investment Consultants on 0800 433 4574 or email hello@moneyfarm.com.
This calculator aims to give you an indication of how much you may need to contribute to a pension to achieve your desired retirement income. The calculator should not be regarded as personal advice, nor is this a reliable indicator of future performance. As with all investments, your capital is at risk and the value can fall and rise, therefore you may get back less than you invest. One consensus is that you should aim for two - thirds of your final salary to maintain your current standard of living when retired.
The State Pension age in the UK is currently 66 years old for both men and women, while the age in which you can access a Private Pension is 55 (Increasing to 67 and 57 respectively from 2028).
This calculation assumes that your investments will grow by an annualised 5% during the accumulation phase - before your desired retirement age. Once retired, your investments will grow by an annualised 3%. We assume a Fixed Allocation portfolio, with an estimated total fee of 0.62% - including the Moneyfarm fee, underlying fund fee and the spread. We assume you will receive the full state pension of £11,501 a year during retirement and that you will live to the age of 82.6 based on the latest dataset published by the Office of National Statistics (National life tables – life expectancy in the UK: 2020 to 2022).
The drawdown time period is assumed to be from the age you would like to retire to your life expectancy as per above.
Regular contributions are assumed to be personal contributions increased in line with inflation and include the tax relief associated with a basic rate taxpayer. If you are a higher or additional rate taxpayer you may be eligible for higher amounts of tax relief.
The figures here are a guide and are not guaranteed. Your final pension fund and the income available will depend on factors including the growth your fund achieves, contributions you make in the future, charges, inflation, your retirement age, annuity rates at the time and the annuity options you choose. Your personal contribution could be less, as you may benefit from additional government tax relief. Contributions above the £60,000 per year allowance, or your annual income, will not receive tax relief; unless you are using unused allowances from previous tax years that have been carried forward.
This calculator does not take account tax charges which may apply to withdrawals or to contributions that exceed your allowances. Prevailing tax rates and reliefs are dependent on your individual circumstances and are subject to change.
How the Moneyfarm Pension can help you
How the Moneyfarm Pension can help you
The Moneyfarm Pension is designed to give you financial security through retirement. We match you to a low-cost and transparent investment portfolio that’s specifically built and managed by a team of experts to reflect your investor profile. This is regularly rebalanced to make sure you’re on track to reach your retirement goals.
It’s important that we get to know about you, what you’re saving for and your financial background. Then we can build you an investor profile that acts a bit like your investor DNA, outlining the best way for you to invest to reach your goals.
We do the hard work for you, all you need to do is fill in a questionnaire and decide how much you want to invest and when. This leaves you free to focus on the now, whilst we work to protect and grow your money for the future.
Learn more about our PensionWhy choose Moneyfarm’s Pension Drawdown Service?
Personalised
Match with a portfolio that’s specifically built and managed for your investor profile
Made and managed for you
Our team of experts manage your pension for you to ensure you’re on track to reach your goals
Target date
The investments in your pension will adjust as you get older, for free
Generous tax benefits
Supplement your pension contribution with generous tax benefits
Hassle-free
The hardest decision you have to make is when and how much you can invest in your pension
Low cost
Don’t let expensive fees eat into your retirement income – keep more of your money for the important stuff
Transfer for free
Manage all your pension savings in one place to make sure you’re on the right track to reach your goals
Transparent
Know what you’re invested in, how your pension is performing and how much you’re paying anywhere and any time
Income drawdown
For flexibility in retirement, withdraw at any time, without any additional fees
Transfer your pension today
Transfer your pension today
With the average Brit working 11 jobs in their career, it can be difficult keeping on top of your pension. If you don’t know exactly what you’ve got, you don’t have the reassurance of knowing you’re on track to reach your goals.
Make your life easier by consolidating all of your old pensions into one place. Transfer your existing pensions to Moneyfarm and we’ll manage your investments on your behalf for a low-cost. We’ll never charge you a fee to transfer in or away from Moneyfarm, although your existing provider may have some transfer out charges.
All you need to do is sign-up to Moneyfarm and select the Pension account. We’ll send you a pension transfer form, which you need to print out, fill in and return to the address stated.
Depending on your existing pension provider there may be a little more paperwork to do, but we’ll be in touch if this is the case.
We’ll do the rest for you, talking to your existing provider and moving your pension over to your Moneyfarm account. This should take three-four weeks, although this depends on your provider.
Transfer a pensionFAQs
What should my pension target be?
The aim of this pension calculator is to give you an indication of how much you need to contribute to a pension and what you might get as a retirement income. You should aim to provide yourself with an income during retirement that’s worth 60% of your final salary. The calculator should not be regarded as personal advice.
If I follow the suggestions, will I reach my goal?
The figures are a guide and not guaranteed. Your final pension fund and the income available will depend on factors including the growth your fund achieves, contributions you make in future, charges, inflation, your retirement age, annuity rates at the time and the annuity options you choose.
What does the Moneyfarm Pension Calculation consider?
All figures take account of inflation and show the buying power of your pension in today’s money. This pension calculation assumes your salary will grow by 3% a year and that your investments will grow by an annualised 4%.This calculation assumes you will receive a state pension of £8,546.20 a year during retirement and that you will live to the age of 83.
If I follow the suggestions, will I reach my goal?
You can find out all about the Moneyfarm Pension on our website, or by getting in touch with one of our investment consultants, who are happy to talk you through any part of your pension. If you’re unsure, you can contact the government’s free pensions advisory service for information or guidance on your pension.
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