There are many online pension calculators for those planning their retirement in the UK. Pension calculators are the same as retirement calculators except that the former measures your pension funds while the latter calculates both your pension and other additional assets one may have.
The UK government provides online software through The Pensions Advisory Service. The Pensions Advisory Service is an agency which provides free retirement advice. It uses to date measurements based on current legislation. However, this is only for state pensions. If you are looking to retire with a private pension account, you need to look elsewhere. Still, it’s probably the best source online for state benefits.
This Is Money
This Is Money has a novel online service. It’s called a “pension pot calculator”. It asks the user to enter their ideal retirement income. It then adds how much you will need to save for retirement. It’s very simple interface Age calculator allows the user to obtain a ballpark figure of how much they need to save. It doesn’t ask for too many details about personal income and assets.
Hargreaves Landsdown provides online retirement services. Its interface asks the user to provide their date of birth and gender, as well as their current annual salary and how much has been saved already. The calculator also has an interactive feature asking the user about age of retirement, personal employer contribution. Unlike This Is Money, it adds more than what one needs to save for retirement. It takes into consideration the rate of inflation.
Consumer Financial Education Body
The Association of British Insurers has joined up the Consumer Financial Education Body (CFEB) to create an online numbers cruncher. The graphics are more appealing than the previously mentioned sites. It asks the users to provide the routine information. What makes it unique is that is also measures for spouses and partners.
The ABI and CFEB software also includes current pension funds that have accumulated up to date. This is ideal for those within ten years of retirement age. This gives the user a more comprehensive analysis of how much their funds will be upon retirement.
The Guardian newspaper has a Spartan design. The Guardian specifically calculates pension contributions. The Guardian asks the user to describe their current situation and in the final box, asks the user to present data on their desired situation.