This page explains each input and the assumptions used to project your pension pot and retirement income coverage.
Inputs
Current salary: Your gross annual salary today.
Expected salary growth: Annual percentage increase applied to salary every year until retirement (default 2%).
Retirement age / Current age: Used to determine the number of contribution years available.
Your salary contribution: Percentage of salary you contribute each year.
Years with bank: Determines the employer contribution rate (8% before 10 years of service, 12% afterwards).
Target retirement salary: The yearly income you would like to draw during retirement.
Amount in pension now: Starting pension pot balance.
Lump sum at retirement: Portion of the pot taken immediately upon retirement.
Age coverage to: Final age through which the target income should be funded.
Calculations
Salary is increased annually by the growth percentage before contributions are calculated for that year.
Employer contributions remain at 8% for service up to 10 years and jump to 12% afterwards; employee and employer rates are combined each year.
Future contributions equal the salary for that year multiplied by the total contribution rate. The running total is added to your current pension to estimate the pot at retirement.
The selected lump sum percentage is taken immediately from the pot at retirement.
The remaining funds are compared with the cost of paying the target retirement salary every year from retirement age through the selected coverage age.
The “Coverage check” shows whether the remaining pot can fully cover that income stream. Any shortfall is translated into an estimated increase in employee contribution rate required to bridge the gap.
Assumptions & limitations
No investment growth, inflation, or fees are modeled—results show contributions only.
Salary growth is applied evenly each year; bonuses or step changes are not included.
Target retirement salary is kept flat in nominal terms.
Employer contribution policy is assumed to remain unchanged.
Withdrawals are modeled as yearly lump amounts; partial year drawdown is not considered.
Use these figures as a planning aid rather than financial advice. For a full retirement plan, speak with a qualified adviser.