Final Salary Pension Calculator

Your final-salary pension

Estimate the annual income from a defined-benefit (final salary or career-average) scheme.

Years of service

Accrual rate (1/x)

Final / career-average salary

Pension = years × (1 ÷ accrual) × salary. Common accrual rates are 1/60 or 1/80.

Many schemes let you give up (commute) some annual pension for a tax-free cash lump sum. A typical commutation factor is 12 - every £1 of pension given up buys £12 of cash.

Pension to give up

0%25%50%

Commutation factor (£ cash per £1 pension)

Annual increase

Years drawn

Estimated annual pension

a month

Full pension (before lump sum)
Pension given up
Annual pension taken
Monthly pension
Tax-free lump sum

This pension replaces about of your salary.

Estimate only. Your scheme's accrual rate, commutation factor and increases are set by its rules - check your member statement.

Pension income over retirement

Annual pension

Total drawn over years:

How the accrual rate changes your pension

Same years and salary, different scheme accrual rates.

Accrual	Annual pension	Monthly	% of salary

Compare saved scenarios

Scenario	Annual pension	Monthly	Lump sum

Next steps

Pension lump sum tax

Tax on cash you take out

Annuity calculator

Income from a DC pot

State Pension age

When yours starts

Final Salary Pension Calculator by TaxFly — free UK tax calculators