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About your workplace pension

About your workplace pension

About your workplace pension Overview
Getting started
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Getting started
Introducing workplace pensions How pensions are invested Auto-enrolment How contributions are made Costs and charges Your pension checklist
Welcome to Fidelity
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Welcome to Fidelity
About Fidelity Governance Sustainable investing Diversity & inclusion Online security Latest news from Fidelity Master Trust
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Grow and manage your pension

Grow and manage your pension

Grow and manage your pension Overview
Saving
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Saving
Starting out Building savings Planning for retirement Maximising your contributions Pension allowances and tax Tools to help you save
Investing
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Investing
Investing basics How pensions are invested Deciding where to invest FutureWise Sustainable investing
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Accessing your savings

Accessing your savings

Accessing your savings Overview
Retirement planning
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Retirement planning
Flexible retirement planning Investing in retirement Investment Pathways Pension allowances and tax Retirement planning tools
Accessing your pension
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Accessing your pension
Choosing income options Taking tax-free cash Flexible income (drawdown) Guaranteed income for life (annuity) Taking lump sums Leaving it where it is Leaving your employer
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Budget for my retirement Plan my retirement income Withdraw money from my pension Check if I'm on track Contact Fidelity
Your financial wellness

Your financial wellness

Your financial wellness Overview
Feel good with Fidelity
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Feel good with Fidelity
What is financial wellness? Check your financial health Invest in yourself Navigating uncertainty Women and Money
Life stages
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Life stages
Starting out Building savings Planning for retirement
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Tools & calculators

Our tools and calculators can help you work out how healthy your finances are today and how much you should be saving for tomorrow.

Important information - Please note that these guidance tools are not a personal recommendation in respect of a particular investment. If you need additional help, please speak to an authorised financial adviser. You should regularly reassess the suitability of your investments to ensure they continue to meet your attitude to risk and investment goals.

Our tools are designed to be easy to use, but the data and research that we use to develop them is detailed and thorough. To understand our tools, and your results, take a look at the ‘assumptions’ that each tool uses. Everyone’s situation is unique, and your circumstances might be different from these assumptions, the tools are a guide and not intended to be a personal recommendation.

Are you on the right road to retirement?

Three quick tools to give you some simple ‘rules of thumb’. You’ll learn how much you need to retire, how much you should be saving each year, and how you can make your savings last. 

While the tools are simple to use, the research we’ve carried out analyses national income and expenditure rates and makes some general assumptions. The rules of thumb are easy to remember so you can apply them when you’re thinking about your retirement savings.

Get your retirement rules of thumb
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Budget for your retirement

We all know having a budget is a good idea, but it can get complicated.  You might know how much your food shopping costs per week, but per year? Pay your car insurance annually? How much is that monthly? Forgot about the money you spend on getting around?

Our budgeting tool allows you to input your known expenditure weekly, monthly, or annually, so you don’t have to work it out. You can also input your expected retirement income to see how many of the wonderful things you want to do in retirement you can afford over and above everyday spending.

Make a budget

Estimate your flexible income

This tool provides you with an estimated amount of income you could get from drawing down your pension using flexible income. You’ll need to have an estimate of your retirement savings when you retire.

It will also give you an estimate of for how long you can expect your income to last, and you’ll be able to compare this with your life expectancy.

Estimate your flexible income
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Calculate tax on your lump sum withdrawals

Taking cash withdrawals from your pension could result in a large tax deduction and a lower retirement income in the future.

This calculator shows you how you can influence this depending on how much you take and how you take it.

If you are thinking of taking a lump sum from your pension this calculator will show you how this will affect your future retirement income. It will also show you how much tax you might have to pay.

Understand how much tax you might have to pay on the money you take from your pension and how it could affect your future retirement income.

Calculate tax

Should you pay more into your pension?

Use the calculator to see how a small increase in your workplace pension contributions today can make a big difference to your pension pot tomorrow.

The power of small amounts
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The government's Pension Wise service offers free, impartial guidance to help you understand your options at retirement. You can access the guidance online at www.pensionwise.gov.uk or over the telephone on 0800 011 3797.

This information is not a personal recommendation for any particular investment, you are responsible for deciding whether an investment is suitable for you. In doing so, please remember that past performance is not a guide to future performance, the performance of funds is not guaranteed and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. You should regularly review your investment objectives and choices and if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser.
 

This website is issued by FIL Life Insurance Limited. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales No. 3406905, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP. Fidelity, Fidelity International, the Fidelity International logo and the F symbol are trademarks of FIL Limited.

© FIL Limited 2024