# What is the pension calculator?

The pension calculator is a way for you to calculate what your pension savings might give you when you retire, making it easier for you to review whether your current contribution rate is enough for the lifestyle you want in retirement.

## Where do I find the pension calculator?

The pension calculator can be found on the 'Your pension' page of your member account. It is only currently available for pension members who are actively contributing and are less than 75 years old.

**How do I use the pension calculator?**

There are two fields that you can use to review different scenarios and the potential impact on your retirement income.

Your contributions

Your retirement age

You are able to amend both of these fields by typing directly into the field or using the +/- buttons. Each change will trigger a recalculation of the projection and update the output section on the right-hand side of the page.

**What does the pension calculator show?**

The graph shows you the approximate fund value at retirement.

Your projection shows the fund value and also the approximate monthly income at retirement.

It will estimate how much you might have when you retire and what this could be worth each month if you bought a guaranteed income at retirement (also known as an annuity).

**How does it calculate my retirement income?**

We can’t say for certain how much money you will have in the future. Pension values go up and down all the time. To work out your potential retirement income, we have used the following assumptions.

## Salary and contribution increases

We assume that:

Your pensionable salary will increase in line with inflation – which we assume will stay steady at 2.5%

You and your employer will carry on making the same percentage of contributions to your pension

## Investment returns

We assume that after we’ve taken off any charges, your pension savings will grow. How much we assume your pension savings will grow depends on the funds you are invested in.

## Annuity rates

We assume that you will buy a lifetime annuity and it will be:

Payable only to you

Payable for life with no minimum period

Paying you the same amount each month

**What growth assumptions are used for each fund?**

We assume that after we have taken off any charges, your pension savings will grow. How much we assume your pension savings will grow depends on the funds you are invested in. You can see the growth assumptions for our standard fund range here. If you are a member that uses Barclays funds you can find the assumptions here.

**What is an annuity?**

An annuity provides you with a guaranteed income in retirement. Taking an annuity is just one way to take your retirement income. You can find out more about other options for using your pension savings by reading our Accessing your pensions savings help article.

**Will my retirement age or contribution rate be automatically updated?**

No, the calculator will not automatically update your current settings, however, you are able to change both your retirement age and your contribution rate within your member account.

For contribution rate changes, go to **Contributions **on the home page.

For retirement age changes, go to **Retirement** **age **on the home page.