Lifestyle questions and figures are based on The Retirement Living Standards created by the the Pensions and Lifetime Savings Association, January 2024. More detail is available through their website: https://www.retirementlivingstandards.org.uk/.
You have chosen to invest in a St. James's Place Retirement Account.
The calculations assume your contributions remain level.
The calculations assume that your fund grows at 5.72% p.a. and is invested into the Balanced Portfolio.
Total annual charge of 2% have been taken into account in the above calculations.
Inflation assumption is CPI of 2%.
The figures shown are for a single life pension without increase with inflation, payable monthly in advance and guaranteed for 5 years if you die within this period.
All payments and cashflows are monthly in advance.
The calculation assumes the existing pot value and contributions are the mid points of the band selected.
For the final (+) option, the pot and contribution is assumed to be 50% higher than the starting point of the band.
Annual pension value rounded to the nearest £100.
The calculations assume that no tax-free cash is taken at retirement from the pension pot, but it is all used to purchase an annuity.
Annual Allowance has not been considered and all contributions are shown gross of tax
State pension is not included in the annual pension income. For tax year 2024/25, this is £11,500.
Mortality table is from https://www.actuaries.org.uk/learn-and-develop/continuous-mortality-investigation/other-cmi-outputs/unisex-rates-0.
All assumptions are reviewed regularly at tax year end.
Other assumptions
The State Pension age is currently 66 and is scheduled to increase to 67 in 2028. The State Pension becomes payable only after reaching this age, even if you choose to retire earlier.
This calculator only considers Money Purchase pension and State Pension, other types of retirement income (such as defined benefit pensions) are not included.
Your pension income could be more or less than this and will depend on your investment performance and on the annuity rate at the time you retire.
The figure provided is an example only and not guaranteed - this isn't a minimum or maximum amount. What you will get back depends on how your investment grows and on the tax treatment of the investment. You could get back more or less than this.
The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.
This item is for guidance purposes only. It is not a projection and should not be treated as such.
St. James’s Place plc can accept no responsibility for any loss which may occur as a result of reliance on this information.
It is based on our understanding of current legislation and HMRC practice. It does not constitute legal or taxation advice.
This is based upon expected growth rate of the investments, inflation and management fees which have been input.
These calculations were produced using St. James's Place Pension Shortfall Calculator version 84.4.0 (SS).
