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Formula & explanation
Pension Calculator uses the following calculation:
This is a simplified model intended for planning and education. Real-world offers from lenders, institutions, or tax authorities may include additional fees, rules, or adjustments not reflected here.
Frequently asked questions
What is an accrual rate?
The percentage of your final salary you earn per year of service — common public pension plans range roughly 1.5–2.5%.
Is this the same as a 401(k)?
No — a pension (defined-benefit plan) promises a set payout formula, while a 401(k) (defined-contribution plan) depends on account balance and investment performance.
Can I take my pension as a lump sum?
Some plans offer a lump-sum option instead of monthly payments; the choice involves trade-offs around longevity risk and investment control.