Your forecast tool uses your pot value now and any recurring contributions you have set up to work out how much you'll be able to withdraw each year at your selected retirement age. Simply, it works out how much your existing Penfold pension will be worth as a retirement income.

In contrast, our calculator tool helps you to work out how much you should start saving into your pension when you first open it. The calculator takes your salary to calculate your monthly contributions in order to retire with a pension pot where you can withdraw 2/3 of your current monthly salary from each month.

Your forecast tool allows you to switch on and off the inclusion of the state pension. Whereas our calculator tool already includes the full state pension contributions into your calculation. This might be why the figures are different!