My Retirement

Notes and assumptions we have used for this calculator (show)

These figures are only illustrative and are not an indicator of future performance.
A pension plan is a way of saving for retirement which receives favourable tax treatment. It is generally a long-term investment - the earliest age you can start taking all or part of your pension is normally 50. From 6th April 2010 this will increase to age 55.
The value of a pension plan is not guaranteed and can go up and down depending on investment performance (and currency exchange rates where a fund invests overseas).
The figures are based upon the assumption that tax legislation and pensions legislation are not changed. The value of any tax advantages depend on personal circumstances which may change. Tax rules can change.
The pension income from your plan will be taxable.
Charges, terms and limits may change.

We have made the following assumptions when calculating these figures:

Investment growth of x% a year and inflation of x% a year up until the selected retirement age.
The illustrated pension will vary in line with the retail price index, assumed to be x% per annum.
If you select ‘yes’ to providing a pension for your spouse or partner, we will assume a pension for your spouse or civil partner after you die in retirement of 50% of your own pension. This will reduce the pension you receive.
If you select ‘yes’ to taking a tax-free cash sum, we will use the maximum tax free cash lump sum normally available (25% of your pension pot at retirement). It is however, also possible to take a lesser amount if desired.
This illustration assumes that x monthly contributions are paid.
We have assumed an annual fund charge of x% of fund value.
We have assumed your monthly pension contribution includes basic rate tax relief. For the purposes of the calculations, we have assumed tax relief is available for all of your contributions. The amount of tax relief you can receive is subject to an upper limit set by the Government. In each tax year, relief is only available on payments which do not exceed the higher of 100% of your UK taxable earnings, and £3,600 gross. If your payments to this plan, and any other pension plans you have, when added to the basic rate tax relief received, exceed this limit, the excess will not be eligible for tax relief.
We have used the basis laid down by the Financial Services Authority, for converting the pension fund into pension income. Calculations are based on x tax year - the basis will change in future tax years.
These figures do not take into account any other pension provision you may have, including final salary schemes.

Find out more

Take a look at our Beginners' guide to pension and retirement or find out more about Scottish Widows pension products
Or call us on 0845 7678910 - Option 2 *

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Under current tax rules you can normally take up to 25% of your pension plan value as a tax free lump sum.

If you choose to take the maximum 25% tax free cash lump sum from your pension pot at retirement, this will reduce the amount of pension income you will receive.

The figures are based upon the assumption that tax legislation and pensions legislation are not changed. The value of any tax advantages depend on personal circumstances which may change. Tax rules can change.

I would like to retire when I am years old (must be between 50-75 years of age).
My age now:	years.
Gender:	Female	Male
Do you want to provide a pension for your spouse or partner?	Yes	No
Would you like to take a 25% tax-free cash sum from your pension plan when you retire?	Yes	No
Do you have an existing pension fund?	Yes	No
I have an existing pension fund of £ (the current fund value of your pension, you should see this on your annual statement).
I am currently contributing to a pension:	Yes	No
Monthly Contributions Percentage of salary Monetary Amount I contribute £ gross per month. My employer contributes £ gross per month. My current salary is £ (before tax) per year. I contribute % of my salary per month My employer contributes % of my salary per month
I would like to have an income of £ gross per year.

My Retirement

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Results

Target Annual Retirement Income vs. Current Retirement Income Provision