Once you enter your age and pension pot amount, we'll show: The amount you could take for your 25% tax-free lump sum. 71 The actual income you can get will depend on your individual circumstances. 85 Can pay a higher income if you have health conditions or lifestyle risks. Understand my retirement options . To give you these examples we've made the assumptions below. 10 year term - you can change this figure. Monday to Friday9am to 5pmWe may record and monitor calls. Rolls-Royce has offloaded a £4.6billion chunk of its pension scheme covering 33,000 members to Legal & General, in the biggest deal of its kind in the UK. The Money Advice Service is a free, independent service. Our pension calculator can help you get an idea of how much pension money you could have. Retirement guidance Equity Release Council. Not yet saving Not yet saving Already saving Already saving Approaching retirement Approaching retirement. Millions of workers in the UK have been automatically enrolled into a workplace pension. If you live in Scotland or Wales you may pay a different rate of income tax. Our pension calculator is quick, simple and can help you decide what’s best for your retirement. Money & legal; Pensions advice; Pension calculator; Listen. It’s up to you to choose the options that are right for your individual circumstances when you ask for a quote. Pension tracing; Pension consolidation; Using your pension pot. Tax rates and allowances may be subject to change in the future. 62 The Attitude to risk tool is no longer available but you can read our guide to help you understand the relationship between risk and reward. We use this data to customise the marketing content you see on websites, apps and social media. A management charge of 0.25% of the value of the member's pot is applied each year. 68 If you are 55 or over, use the first two to see how your choices for taking benefits can make a difference to how much you might get. I am (For example, State Pension, investment income or other earnings). This gives an indication of what the future value of your pot would be worth today. Annuity income results are available on our calculator for ages 55-85. Not yet saving Not yet saving Already saving Already saving Approaching retirement Approaching retirement. The Kingfisher SMART Pensions Calculator. It can also help you see if you need to start saving more. We're sorry for any inconvenience, please try again. 60 Where the total income, including your withdrawal, is above the personal allowance taper threshold, the appropriately reduced personal allowance has been used in this calculation. 81 Inflation reduces the value of your savings. Our easy-to-use salary sacrifice calculator helps show the financial benefits of this, and can work out figures based on a percentage of salary or fixed amount. Don't include any final salary pensions or your state pension. 59 The 'Annual income' figure shows the amount before any tax has been deducted. Change the expected return based on a low, medium and high investment performance. You take your 25% tax-free cash from your pension pot. These offer incomes over a fixed term. Give it a try below to get started. 84 Your guide to risk and reward . You can see the effect of three different rates of return on the size of your pot by using the 'Investment return' drop-down. You can change it using the drop-down – the more you take, the less time your money will last. saved in my pension pots. The pension calculator includes: The value of any current pension you choose to put in; The value of any future personal contributions, and the 25% tax top up you receive on these; The value of any one-off contributions; The value of any future employer contributions; The full state pension of £9,339 per year, should you choose to include it Left and right arrows move across top level links and expand / close menus in sub levels. Salary sacrifice calculator Salary sacrifice (sometimes called salary exchange) provides an ideal opportunity to make pension contributions and save on National Insurance. Once you enter your age and pension pot amount, we'll show: As well as results for our annuity, which guarantees an income for life, you can also see results for our Fixed Term Retirement Plan and Cash-Out Retirement Plans. To give you these examples we've made the assumptions below. Take a look at their consumer brochure for more details. Calculate how much tax you'll pay when you withdraw a lump sum from your pension in the 2020-21 and 2021-22 tax years. Don't include any final salary pensions or your state pension. The annual income based on you taking 3.5% of your remaining pension pot in drawdown each year. Whatever your age, there's no better time to start planning for your future than the present. Once you set up your drawdown account, we'll send you a personalised illustration in your annual statement. It can also help you see if you need to start saving more. Please double check the dates you have entered are correct and click 'Calculate'. Prior to launch, Legal & General worked with a panel of more than 30 customers to ensure that, at all stages of the product’s use, the portal and customer communications were simple and easy to understand. 58 Use our pension calculator … Other providers may have more appropriate products or be able to offer a higher level of income. Now that you've been given a helpful estimate of your potential retirement income, why not look at other products available as part of your shopping around. The calculator provides estimates for members of the State Employees Retirement System (1) who entered service before April 2, 2012; and (2) entered service on or after April 2, 2012. 25% tax-free cash sum taken from pension pot. Federal Employees Group Life Insurance (FEGLI) calculator. Obviously the Cash Equivalent Transfer Value (CETV) that you receive may differ from what is indicated here. If you're using a Legal & General, Aegon, Prudential, ReAssure or Sun Life Financial of Canada pension pot to fund your retirement plan you can call us free to get a Pension Annuity quote for a smaller amount Legal & General: 0800 048 2446 . Learn morePDF file: Automatic enrolment PDFsize: 271KB. Salary sacrifice calculator Salary sacrifice calculator Retirement planning tool Retirement planning tool State Pension calculator State Pension calculator. 83 Try our free annuity calculator and get more annuity income from your pension. Take a look at their consumer brochure for more details. Evaluate how the life insurance carried into retirement will change over time. It is not a calculation of your personal tax liability. 77 You can use the calculator to see the impact of different terms on your annual income. We’re delighted that this site has won the Workplace Savings and Benefits Wellbeing Initiative of … 61 These technologies help us decide which products, services and offers may be relevant for you. Option to make withdrawals from lump sum or cash in whole plan. Source: Legal & General Group PLC unless otherwise stated. Compare the UK's best annuity rates from the leading annuity providers. Using the calculator to find out your pension drawdown income Pension Drawdown results are available on our calculator for ages 55-74. Pension drawdown calculator This calculator helps you see how much income you could receive with pension drawdown. Our pension calculator can help you get an idea of how much pension money you could have. Free calculator to help optimize pension payout or planning. Explore my pension. The Legal & General Personal Pension Drawdown benefits from: A simple, single, service charge of 0.25% irrespective of the fund size. Calculate how much tax relief you can get on your pension in the 2020-21 tax year and see how it compares to 2019-20 and 2018-19. Money might not last as long as you need. The example shows the gross income before any tax is deducted. Request a call back. You could pay more tax than other options. Learn more about your workplace pension scheme. The amount you could take for your 25% tax-free lump sum. Our easy retirement calculator uses the 70 percent rule of retirement which assumes that you will need about 70 percent of your average income during your working years for as long as you live post-retirement. Anyone can use the bottom two to understand how pension plans can add up over time. × There is a problem with the dates entered. 72 Guaranteed Minimum Payment Period for the term selected. Whether you're saving for something special or planning your retirement, a little forward thinking can have a big impact on your life later on. Read more. 73 79 78 Calculate when you'll reach State Pension age, and how much you may get in today's money for your basic State Pension. Our colleagues in Cardiff are always happy to help with your questions or to help you apply for a quote. An annual rate of inflation of 2% each year. 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