Please ensure you complete all sections on this page
We need you to add in some basic information about your Google income and allowances, other income outside of Google
and details of your current and past pension benefits.
If you are copy/pasting the numbers from elsewhere please double check that they have
been input correctly into the fields below.
This information will then feed through to the calculations undertaken throughout the modeller.
About You
Income
Your Pension Benefits
The calculator will show you what the £ value is of any contributions that you make and the £ value of any contributions that Google will pay on your behalf. You can also use this calculator to identify if you have any unused allowances from previous tax years. This is known as 'Carry forward'.
| Carry forward dates | What was the total amount contributed to your pension? | Your annual allowance | Carry forward available |
|---|---|---|---|
| 06/04/2023 – 05/04/2024 | |||
| 06/04/2022 - 05/04/2023 | |||
| 06/04/2021 - 05/04/2022 |
| A breakdown of how your annual allowance position is calculated | ||
|---|---|---|
| label | Your estimated annual allowance for this tax year | £15,000 |
| label | Based on your selected pension contribution, the following amount will be paid into your pension fund | £30,000 |
| label | Amount of annual allowance you have available from previous tax years | £56,000 |
| Estimated tax if annual allowance is exceeded | |
|---|---|
| You have exceeded your allowance by | £30,000 |
| You face an annual allowance tax charge of | £15,000 |
From 6 April 2023, the LTA charge was removed and the LTA itself will end on 5 April 2024 and will be replaced by the following new allowances:
- The lump sum allowance (LSA) will limit the tax-free cash you can get from your pension to £268,275 - this is a quarter (25%) of the lifetime allowance of £1,073,100.
- The lump sum and death benefit allowance (LSDBA) will limit the tax-free element of death benefit lump sums, serious ill health lump sums and at retirement lump sums to a cumulative total of £1,073,100.
- An overseas transfer allowance (OTA) will limit the amount you can transfer from a UK registered scheme to a Qualifying Recognised Overseas Pension Scheme (‘QROPS’) to £1,073,100. Any amount in excess of the OTA will be subject to the 25% overseas transfer charge.
However, if you have previously applied for protection and were entitled to a higher LTA on 5 April 2023 you will continue to be entitled to this higher sum.
The black line shows you the estimated level of the LSDBA in the years leading up to your intended retirement age. This is what you compare the value of your pension benefits against. It shows the cumulative limit on the tax-free element of death benefit lump sums, serious ill health lump sums and at retirement lump sums (£1,073,100). If you are above the black line, then your tax-free cash will also be capped at the LSA (£268,275).
The amount of tax free cash you are entitled to take at retirement (usually up to 25%) is capped at £268,275
The amount of tax free cash you are entitled to take at retirement will be up to 25% of your pot.
See what happens when you change some of your assumptions
| Your projected fund value at retirement | ||
|---|---|---|
| label | Your projected fund value at retirement, if you pay your annual allowance tax charges from your fund | £15,000 |
| label | Your estimated lifetime allowance at retirement | £56,000 |
| Additional amount you can accrue until your intended retirement age | £56,000 | |
| Your projected pension outcome | ||
|---|---|---|
| label | Your projected fund value at retirement, if you pay your annual allowance tax charge via self assessment | £30,000 |
| label | Your projected fund value at retirement, if you pay your annual allowance tax charges using 'Scheme Pays' | £15,000 |
| label | Your estimated lifetime allowance at retirement | £56,000 |