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  • Benefits
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  • Universal Credit Find out how Universal Credit works and how to manage your payment
    Benefits if you have children Entitlements to help with the cost of pregnancy or bringing up children
    Benefits if you’re sick, disabled or a carer Understand what support is available for coping with ill health
    Benefits in later life You may be entitled for help with other costs on top of your State Pension
    Benefits and work Extra support if you’re working, self-employed, or you’ve lost your job
    Benefits to help with housing costs Support to help with rent or mortgage payments if you’re on a low income
    Problems with benefits What to do if something goes wrong with your benefits
    Benefits All Benefits guidance
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    Tool

    Money Navigator

    Tool

    Money Manager

    Calculator

    Benefits calculator

    ALL TOOLS

    Pensions issues? Join our community group

    Join our private Facebook group ‘Your pension and planning for the future – by MoneyHelper’ to get help and to chat about pensions

  • Banking and payments How to choose, use and manage bank accounts
    Budgeting How to budget, find the best deals and switch to save money
    Buying and running a car How to buy and finance a car, deal with problems with car finance, and cut running costs
    Credit Credit basics, applying for credit, credit ratings and problems with credit
    Insurance Insurance for cars, health, travel, and help with insurance
    Everyday money All Everyday money guidance
    Tools

    Tool

    Compare bank accounts

    Tool

    Budget Planner

    Tool

    Money Midlife MOT

    ALL TOOLS

    Pensions issues? Join our community group

    Join our private Facebook group ‘Your pension and planning for the future – by MoneyHelper’ to get help and to chat about pensions

  • Becoming a parent Having a baby, returning to work, childcare costs
    Death and bereavement Wills, inheritance, sorting out estates
    Divorce and separation Sorting out money and homes, what if you have children, money after break ups
    Illness and disability Managing costs, extra financial support, help with work or study
    Long-term care Paying and getting funding, ways to pay, problems with care
    Student and graduate money Credit cards, bank accounts, student debts
    Talk money Difficult conversations, talking to teenagers, older people and partners
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    Divorce calculator

    Calculator

    Baby costs calculator

    Tool

    Budget Planner

    Calculator

    Benefits calculator

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    Pensions issues? Join our community group

    Join our private Facebook group ‘Your pension and planning for the future – by MoneyHelper’ to get help and to chat about pensions

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    Renting Renting a home to live in, renting out a home, and overcoming problems
    Homes All Homes guidance
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    Calculator

    Stamp Duty calculator

    Calculator

    Mortgage affordability calculator

    Calculator

    Mortgage calculator

    ALL TOOLS

    Pensions issues? Join our community group

    Join our private Facebook group ‘Your pension and planning for the future – by MoneyHelper’ to get help and to chat about pensions

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    Money troubles All Money troubles guidance
    Tools

    Tool

    Debt advice locator

    Calculator

    Benefits calculator

    Tool

    Bill prioritiser

    ALL TOOLS

    Pensions issues? Join our community group

    Join our private Facebook group ‘Your pension and planning for the future – by MoneyHelper’ to get help and to chat about pensions

  • Auto enrolment Introduction, how it works, all about contributions
    Building your retirement pot How much do you need, ways to build your pot, transferring and merging
    Pension basics Starting a pension, types of pension, understanding pensions
    Pension problems Complaints, financial help when retired, changes to schemes
    State Pension How it works, what you might get, National Insurance
    Taking your pension Ways to draw your pension, when can you retire, Pension Wise appointments
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    Pensions and retirement All guidance, including how to use the Pension Wise service
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    Book a Pension Wise appointment

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    Money Midlife MOT

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    Find a retirement adviser

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    Over 50? Get free, impartial guidance from our government-backed service. We’ll explain your options for taking money from your pension pots.

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  3. Building your retirement pot
Pensions & retirement Building your retirement pot

Check my pension and the progress of my retirement savings

To make sure you’re on track to meet your retirement goals, it’s important to review your pension savings regularly. This will help you estimate the income they’re likely to generate when you retire. If there’s a shortfall in your savings, the earlier you spot it the easier it will be to fix.

What’s in this guide

  • Where to start and which figures to use
  • Get estimates for your potential sources of retirement income
  • Check your progress using our retirement planning worksheet
  • Your next steps

Where to start and which figures to use

Below we explain where to find estimates of the monthly retirement income you can expect from different types of pension.

You don’t need to worry about the effects of inflation between now and your retirement because the pension statements and forecasts below give estimates of your future pension income in ‘today’s money’.

Bear in mind that all the estimates are shown before tax.

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Get estimates for your potential sources of retirement income

Gather the details for all the pensions, savings and investments you have. Once you have these, get estimates from each of them to help you understand how much money you might get from all sources when you retire, including other savings and investments. 

Check your State Pension

It’s a good idea to regularly request a State Pension forecast so you can see how much you’ve built up so far.

You can apply for one online, by phone or post – if you’re aged 16 or over and at least 30 days away from your State Pension age.

Find out more about how to check your State Pension forecast at GOV.UKOpens in a new window
Find out more about the State Pension in our guide State Pension: an overview

Check your defined benefit (final salary) pensions

These pay a retirement income based on your salary and how long you’ve been a member of the scheme.

These are also known as ‘final salary’ or ‘career average’ pension schemes.

They’re usually only public sector or older workplace pension schemes.

If you are actively contributing to one, your pension provider will usually send you an annual benefit statement.

If you don’t receive a statement, you can ask for one.

The statement shows how much pension you might get. It might assume that you take your tax-free cash lump sum.

Check your defined contribution (money purchase) pensions

With these schemes you build up a pot of money that you can then use to provide yourself with an income in retirement.

The value of your pot is based on:

  • your contributions
  • your employer’s contributions (if these apply)
  • investment returns and tax relief.

Defined contribution schemes include workplace and personal pensions.

Schemes can be run through an insurance company or master trust provider, or you might be a member of an individual scheme set up by your employer.

Your annual statements will provide an estimate of your future pot value, and the regular retirement income your pension is on track to generate. This is based on you using your pension pot to buy a guaranteed income for life (known as an annuity). But you do have other options.

Check your other sources of retirement income

As well as your pensions, you might have other savings and investments that will generate an income for you in retirement. For example, cash deposits, share-based investments or a property you rent out. You may also be able to get statements or illustrations for these. 

Check our Pension calculator

You can get an estimate of the income you'll get when you retire with our Pension calculator

You can include all your sources of future income, including other savings and investments you have. 

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Check your progress using our retirement planning worksheet

To work out if you’re paying enough into your pensions, you need to have an idea what costs you will have in retirement and what sort of lifestyle you would like.

Consider essential costs such as food and utility bills, and also spending such as entertainment and holidays.

To help you do this you can download and complete our Budgeting in retirement worksheet (Opens in a new window) (PDF/A, 74KB).

Not sure where to start? The Retirement Living Standards, produced by the Pensions and Lifetime Savings Association, show you what life in retirement looks like at three different levels. And it shows what a range of common goods and services would cost for each level. This can be a starting point to help you consider how much money you’ll need to pay for your retirement.  

Find out more on the Retirement Living Standards website

Or, to help you compare how much income you might have when you retire with how much income you might need – use our Pension calculator.

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Your next steps

Whether you think you’ve been saving enough or feel you could do with some more help, we’ve got some other guides for you on our site.

Do you have a shortfall in your projected retirement income? Then find out more in our guides:
How to increase your pension savings
Ways to boost your pension in the run-up to retirement

It’s great if your savings are on track. But there might be things you can do to make them work even harder for you.

Find out more in our guide Making the most of your pensions

Do you think you may have lost track of some of your pensions? 

Find out more in our guide Tracing and finding lost pensions

Need more information on pensions?

Call us free on 0800 011 3797 or use our webchatOpens in a new window. One of our pension specialists will be happy to answer your questions.

 

Our help is impartial and free to use, whether that’s online or over the phone.

Opening times: Monday to Friday, 9am to 5pm. Closed on bank holidays.

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Building your retirement pot

How much do I need?

  • How to increase your pension savings
  • Ways to boost your pension income in the run-up to retirement
  • How long will your retirement money last?
  • Check the progress of your pension and retirement savings
  • Investing in retirement
Looking for us? Now, we’re MoneyHelper

MoneyHelper is the new, easy way to get clear, free, impartial help for all your money and pension choices. Whatever your circumstances or plans, move forward with MoneyHelper.

Continue to website
Looking for us? Now, we’re MoneyHelper

MoneyHelper is the new, easy way to get clear, free, impartial help for all your money and pension choices. Whatever your circumstances or plans, move forward with MoneyHelper.

Continue to website
Looking for us? Now, we’re MoneyHelper

MoneyHelper is the new, easy way to get clear, free, impartial help for all your money and pension choices. Whatever your circumstances or plans, move forward with MoneyHelper.

Continue to website

How much do I need?

  • How to increase your pension savings
  • Ways to boost your pension income in the run-up to retirement
  • How long will your retirement money last?
  • Check the progress of your pension and retirement savings
  • Investing in retirement
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