A pension is a long-term savings plan for your retirement. The money you pay into your pension gets invested, and the value grows over time. When you retire, you can use this money to provide yourself with an income.

Key Factors Affecting Your Pension:

• Contributions: Both your contributions and employer contributions add to your pension pot
• Investment Growth: How your pension investments perform over time
• Time: The longer you contribute, the more time your money has to grow
• Inflation: Reduces the purchasing power of your future pension income

Retirement Income Options:

• Annuity: Provides a guaranteed income for life in exchange for your pension pot
• Drawdown: You keep your pension invested and withdraw money as needed
• Lump Sum: Take some or all of your pension as a cash payment (tax may apply)

This calculator provides estimates only. Actual results will depend on investment performance, inflation, and other factors. Consider consulting a financial advisor for personalized advice.