Log in to now:u. From your Snapshot, go to Plan your retirement.
You’ll see Projected value at retirement age. This is an estimate of how much your pension savings could be at your retirement age if you took them as cash. To see how much you could have if you turned your pension savings into an income for life, choose Annual income.
Your projected value at retirement is based on:
- how much you’re currently paying in to your pension savings. If this is your first time using the planner, your payments in amount may show as £0. This is because now:u is a new platform. Once your first payment in is invested, your projection will update.
- your current investment plan, and
- the planned retirement age we’ve got on record for you – this is your State Pension age unless you’ve told us something different.
You can use the planner to see how changing how much you pay in, or when you retire, can change the estimate of your future pension savings.
Go to Play with this.
- You can increase how much you pay in to your pension savings – or decrease it, if you’re currently paying more than the minimum.
- You can change your planned retirement age to be earlier or later, as long as it’s at least 55 – the current minimum retirement age.
And that’s not all.
- You can add in the value of any other pensions and savings you’ve got elsewhere.
- What if you plan to have a career break in future? Put it in.
- Do you plan to change the number of hours or days you work in future? You can try different combinations.
The retirement planner will work out new estimates of your future pension savings, depending on what you’ve put in.
Remember – they’re only estimates
Remember, all the figures you see in the retirement planner are only estimates. They’re not guaranteed in real life. You shouldn’t assume you’ll actually get the amount any of the estimates show. In practice, you could get more or less. It will depend on how much money you actually pay in, how your investments grow and what inflation does in real life.
We have to make assumptions to work out the estimates. And what happens in real life could be different from what we’ve assumed. Find out about the assumptions we’ve used.
Nothing changes – unless you take action
The retirement planner only shows you estimates. It won’t change any of your choices in real life. If you want to change your payments in or your planned retirement age, or bring other pensions into your now:pensions account, you’ll need to make the changes in now:u.
