Malcolm is 45 years old and has never saved into a pension previously. He has started a new job. His gross earnings are 23,500 per year and he is automatically enrolled into his employers defined contribution pension scheme. Malcolm contributes 5% of his earnings and this is topped up by 4% by employer contributions and tax relief. At retirement, he also expects to get a state pension worth 9,400 (before tax) in todays money. 1.1 Using the Pension calculator, work out how much disposable income Malcolm will have in the first year of retirement if he retires at age 68 and uses the whole of his pension fund build up under the defined contribution scheme to buy an annuity (which, in the calculator, is an index-linked annuity). Assume that there has been no increase in Malcolms real income or pensions savings strategy over this time period.