Pension calculator that DOESN'T assume increase in contributions

newbiesaver55 · 25 April 2018 at 1:23PM

Hello, can anyone tell me if there exists a pension calculator that DOESN'T assume your payments will increase by 2.5% annually or whatever, pls? Like many people we have small pots that aren't our main pensions and we won't ever add money to them... but the Age Concern and Standard Life calculators all assume in the fine print that you will add cash annually and that you will increase your £0 annual contribution by 2.5%...

(This leave aside the question whether or not its worth moving of course).

thanks

bolwin1 · 25 April 2018 at 1:39PM

If your starting contribution is 0, the calculators should add 2.5% of 0 to that & still leave 0 contribution per month ?

newbiesaver55 · 25 April 2018 at 2:51PM

Bolwin I had already considered this, but then thought I was probably wrong!

newbiesaver55 · 25 April 2018 at 2:53PM

So... it's still useful to have a calculator for the other scenario in what I'm looking at where someone's max contribution due to tax reasons is £10k annually... but I'm stumped as to where to find the correct calculator...!

Prism · 25 April 2018 at 3:22PM

Not quite what you asked for but I use an online compound interest calculator, specify the starting amount, select a yearly increase (e.g 5%) and run

There is one here

https://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php

AnotherJoe · 25 April 2018 at 3:54PM

Agree with Prism, you don't need pension calculator, any compound interest calculator would do or indeed it would be trivial in a spreadsheet,

Pension calculator that DOESN'T assume increase in contributions

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