Retirement Income: Defined Benefit, State Pension and Defined Contribution
This calculator projects how a household's pension and savings pots could support a target retirement income, year by year, from current age up to age 100. A partner can optionally be included, in which case both profiles are modelled together.
Pre-retirement growth: Each defined contribution (DC) pot grows at the chosen annual growth rate, with monthly contributions added until each individual reaches their chosen retirement age.
Guaranteed income floor: In each year, State Pension income (from each individual's State Pension age) and any Defined Benefit (DB) pension income (from each individual's chosen DB start age) are summed to form a guaranteed household floor.
DC drawdown: If the guaranteed floor falls short of the target income, the shortfall is drawn proportionally from the DC pots of any retired individuals. If the combined pots cannot cover the shortfall, the calculator records the age at which funds are exhausted.
Sustainability assessment: Once the pots reach zero and the guaranteed floor alone cannot meet the target, the plan is marked as unsustainable and the age at which that occurs is recorded.
The results panel displays the projected annual income split by source (State Pension, DB pension, and DC drawdown), the remaining pot balance, and whether the plan is sustainable to the end of the projection.
Calculator Assumptions
The default State Pension amount and State Pension age used in this calculator are shown in the Standard Calculator Assumptions panel displayed above the calculator. Both figures are editable and should be reviewed before relying on any output.
The following methodological assumptions also apply:
Single growth rate: One annual growth rate applies to all DC pots throughout the entire projection. Actual investment returns will vary and are not guaranteed.
Proportional drawdown: Where more than one individual is retired simultaneously, the annual shortfall is drawn from each person's pot in proportion to their current pot size.
Contributions cease at retirement: Monthly DC contributions stop at each chosen retirement age. No contributions are modelled during drawdown.
Projection start: The chart begins from age 55 (or the primary individual's current age, whichever is later) to focus on the pre- and post-retirement period most relevant to planning.
No tax modelled: Income tax on withdrawals, the State Pension, or DB pension income is not calculated. All figures shown are gross.
Calculator Limitations
Estimates only: All figures are illustrative projections and do not represent guaranteed outcomes.
No tax modelling: Income tax, National Insurance, and tax-free cash entitlements are not applied. The net income actually received may be materially lower than the figures shown.
No inflation adjustment: Neither the target income nor the pot values are adjusted for inflation. The purchasing power of a fixed income will reduce over time.
Other income sources: Rental income, ISA withdrawals, dividends, and other income sources are not modelled and may affect the overall retirement income picture.
DB pension modelling: The Defined Benefit pension is entered as a fixed annual amount with no provision for escalation, scheme rules, or survivor benefits.
No personal advice: This tool is provided for illustrative purposes only and does not constitute financial, tax, or legal advice. Independent guidance from a qualified financial adviser or HMRC is recommended.
Privacy & Data Security
All calculations are executed locally within your browser. We do not track, store, or monitor the figures you enter into this tool.