When will your pension reach £1 million?
Your pot today, plus what goes in each month, plus growth: the age your pension could reach £1 million.
Your answer
Enter your pension pot, what's paid in each month and your age.
About this calculator
For anyone saving into a workplace or personal pension who wants a rough idea of where it's heading. It's a guide, not a forecast or investment advice.
What happens to your answers
We don’t keep them. Your answers go to our server to do the sums and aren’t stored or logged. If you copy a link to your answers, they’re in the link itself, so only share it with people you trust.
How it’s worked out
We grow your pot month by month at the rate you choose, and add what's paid in at the end of each month. If your payments rise, they go up once a year. We stop at age 75.
We also show the yearly limit on what you and your employer can pay in before a tax charge (£60,000 for most people), and the tax-free cash a pot could give: usually up to a quarter, never more than £268,275 in total.
Worked example
On these figures, your pension reaches £1 million at about age 65.
Growth 5% a year after charges · £800 a month, rising 2% a year paid in · no inflation adjustment · age 40 today · projected to 75
| Your pension pot today | £120,000 |
|---|---|
| Paid in by you and your employer: £800 a month, rising 2% a year | £9,600 a year |
| Growth: 5% a year, after charges and before inflation | 5% |
| At 50: £225,117 paid in (with today's pot), £104,498 growth | £329,615 |
| At 57: £312,116 paid in (with today's pot), £254,777 growth | £566,893 |
| At 60: £353,255 paid in (with today's pot), £347,178 growth | £700,433 |
| At 66: £443,241 paid in (with today's pot), £599,443 growth | £1,042,684 |
| Passes £1 million 25 years and 5 months from now | Age 65 |
| Yearly limit on pension payments, you and your employer together (annual allowance) | £60,000 |
| Tax-free cash: up to 25% of a pot, never more than £268,275 in total (lump sum allowance); from £1 million | £250,000 |
A month-by-month projection to age 75, checked against the closed future-value formula. Pension limits use HMRC's 2026/27 rates.
Questions people ask
Is 5% growth realistic?
Nobody knows. It's a round figure after charges and before inflation, and some years will be much better or worse. Try 3% and 7% to see the range. For how your pension is invested, speak to a regulated financial adviser.
Does a big pension affect inheritance tax?
From 6 April 2027, most unused pension pots count towards your estate for inheritance tax. If you're unlikely to spend all of it, talk to us about how that affects your family.
When can I take money from my pension?
Usually from 55, rising to 57 from 6 April 2028 for most schemes. The State Pension has its own age, which is rising from 66 to 67 between 2026 and 2028.
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