JR1 Money

Kept on this device

Figures carry between calculators and are kept in this browser only, never sent anywhere. Estimates, not financial or tax advice.

Bonus

Entered as

Salary sacrifice

Cycle to Work and other schemes taken from pay before tax and NI. Enter each as a monthly or a yearly amount. Each one applies to the whole of the tax year selected.

Deductions after tax

Savings schemes, share plans, union fees and similar. These reduce take-home but do not change tax or NI. Each one applies to the whole of the tax year selected.

Pension options

Into pension this year
Set your pension by

With a take-home target, the pension % is worked out so each normal month, without the bonus, pays the target on the main screen, after everything else you have entered. The Make tax efficient button also sends the whole bonus to the pension.

More options

Taxable benefits are things like company medical cover taxed through your pay. The standard allowance is £12,570 (tax code 1257L); for another code, use the number in the code times 10. Child Benefit counts if you or your partner claim it.

Remove everything you have entered, in every calculator.

Detail

Pension over the year

Tax efficiency

Month by month

Rates used

Tax is worked out month by month on the cumulative basis payroll uses. The allowance is reduced when income is over £100,000. Higher-rate relief on after-tax pension contributions, which you claim from HMRC yourself, is not included. This is an estimate, not financial or tax advice. What you enter is kept in this browser only and is never sent anywhere.

State Pension

Tick "Add State Pension" on the pension screen to add this to the drawdown income. The full new State Pension is £241.30 a week in 2026/27. You need 35 qualifying years of National Insurance for the full amount, and 10 years to get any. State Pension age is 66, rising to 67 by 2028 and to 68 from 2044. Your own forecast and age are on GOV.UK under "Check your State Pension forecast"; enter those figures here.

Tax-free lump sum

Take a lump sum

You can normally take up to 25% of a pension pot tax free, up to £268,275 across all your pensions. An amount above that limit is cut back to it. The earliest age is 55, rising to 57 on 6 April 2028; an earlier age is moved up to the earliest allowed for your age. The lump sum is taken when drawdown starts or before, and the pot left carries on growing.

Taking more than the tax-free amount is possible but is taxed as income, and is not covered here.

Pension pot detail

Year by year

How it is worked out

Until you retire, the pot grows by the growth rate with the monthly payment added each month. After that it grows with nothing added until drawdown starts. Growth is the rate left after price rises and charges, and the monthly payment is assumed to rise with prices, so every figure is in today's money. 2% is a cautious growth rate. The monthly payment starts as your pension and your employer's from the Take-home calculator, and follows it until you type your own figure. Empty the field to follow it again.

Drawdown income is the pot when drawdown starts multiplied by the drawdown rate. That amount is then taken every year, month by month, while the rest of the pot keeps growing. "Pot lasts" is the age at which the pot would run out; "for life" means it would not run out. Income is shown before tax. Drawdown cannot start before the earliest age the government allows: 55, rising to 57 on 6 April 2028.

This is an estimate, not financial advice. Investments can fall as well as rise. What you enter is kept in this browser only and is never sent anywhere.

Compound interest options

The interest rate is the yearly rate before compounding. Adding interest more often gives slightly more. Enter a figure for price rises to also see what the balance would be worth in today's money.

Compound interest detail

Year by year

How it is worked out

Each week or month the balance earns interest and then the regular payment is added. Weekly payments are counted as 52 a year. If the payment rises each year, the rise applies from the start of the second year. Tax on interest is not included.

This is an estimate, not financial advice. What you enter is kept in this browser only and is never sent anywhere.

How it works