What if I'd started my pension earlier?
The gap between starting your pension at 22 versus 32 is one of the most dramatic illustrations of compound growth in personal finance. Adjust the two start ages below and see the illustrative difference side by side.
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Started at 22
Started at 32
Starting your pension at 22 vs 32, contributing £400/month and retiring at 67 — the illustrative difference is £213,000. Those 10 extra years of compounding are worth far more than the contributions themselves.
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Why does pension start age matter so much?
Pension funds grow through a combination of employer contributions, tax relief, and investment returns. All three compound over time — meaning the earlier you start, the more each pound of contribution has time to multiply. UK workplace pensions also come with employer matching, effectively giving you free money that also compounds from day one.
This calculator assumes a fixed monthly contribution including both employee and employer contributions, a constant growth rate, and no drawdown. It does not account for the State Pension, Lifetime Allowance changes, or Annual Allowance limits (currently £60,000/year). Tax relief on pension contributions can also increase the effective return — for a basic rate taxpayer, a £80 contribution becomes £100 in the pension.
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Illustrative purposes only. This calculator is not financial advice. It uses a simplified compound growth model assuming constant contributions and a fixed annual return. It does not account for inflation, pension charges, tax relief rates, Annual Allowance limits, State Pension, or changes to pension rules. Pension values can fall as well as rise. Consult an FCA-authorised financial adviser for personalised pension planning.