£300/month Pension from Age 38
Retirement at 65 · 27 years · UK pension projection
Projected pension pot at 65 — £300/month from Age 38
| Growth assumption | Pot at age 65 | Annual income (4% drawdown) | Monthly income |
|---|---|---|---|
| Conservative (4%/yr) | £174,546 | £6,982 | £582 |
| Moderate (6%/yr) | £241,964 | £9,679 | £807 |
| Optimistic (8%/yr) | £342,414 | £13,697 | £1,141 |
| Total you contribute | £97,200 | over 27 years | |
How your pot grows — £300/month at 6% annual growth
| Age | Years saving | Projected pot (6%) | Contributed so far |
|---|---|---|---|
| 43 | 5 | £20,931 | £18,000 |
| 48 | 10 | £49,164 | £36,000 |
| 53 | 15 | £87,246 | £54,000 |
| 58 | 20 | £138,612 | £72,000 |
| 63 | 25 | £207,898 | £90,000 |
Figures are future nominal values. Assumes £300/month contributed consistently with monthly compounding at 6% annual growth. Does not include employer contributions or inflation adjustment.
State Pension supplement
The full new State Pension in 2025-26 is £11,502/year (£958/month) for those with 35 qualifying NI years. Add this to your private pension income to estimate total retirement income. At 6% growth, your private pension adds £807/month — giving a combined £1,765/month if you qualify for the full State Pension.
Frequently asked questions
How much will I have in my pension if I save £300/month from age 38?
If you save £300/month from age 38 to age 65 (27 years), your projected pension pot is £174,546 at 4% annual growth, £241,964 at 6%, or £342,414 at 8%. You will have contributed £97,200 in total; the rest is investment growth.
What income will £241,964 in a pension provide?
Using the 4% sustainable withdrawal rate — a common rule of thumb — £241,964 provides approximately £9,679/year (£807/month) in retirement income. This does not include the State Pension (currently £11,502/year full new State Pension in 2025-26), which would supplement your private pension income.
Is £300/month enough for a pension?
The Pensions and Lifetime Savings Association defines a 'moderate' retirement standard as around £31,300/year for a single person. To assess whether £300/month is enough, compare your projected income of £807/month to your expected retirement expenses, factoring in the State Pension and any other income sources.
How does employer matching affect my pension at £300/month?
The projections above show personal contributions only. If your employer matches contributions — typically 3–6% of salary — your total monthly pension saving could be significantly higher. For auto-enrolment, the minimum total is 8% of qualifying earnings (3% employer + 5% employee). Adding your employer contribution to £300/month will increase your final pot proportionally.