Retirement income calculator.

It's simple to use, just add your age and the amount in your pension pot below. You don't need to include any final salary pensions or your state pension.

I am years old and I have saved in my pension pots

Results

Total pension pot
£100,000
Tax-free cash 25%
£25,000
Remaining pension pot
£75,000

These examples give you an idea of the income our retirement products might provide. They assume you take the maximum 25% tax-free cash sum available but you can choose to take less. The results are examples only and aren't advice. The actual income you can get will depend on your individual circumstances.

Guaranteed income for the rest of your life

Pension Annuity

£3,096
a year
for the rest of your life
  • Can pay a higher income if you have health conditions or lifestyle risks.
  • Can provide an income for your spouse, civil partner or beneficiary after you die.
  • Can’t change your options once the plan has started.

The figure above shows the gross income before any tax is deducted.

Guaranteed income for a set period and lump sum at the end

Fixed Term Retirement Plan

£7,116
a year for
end lump sum of
  • You decide the amount of income and lump sum.
  • Option to make withdrawals from lump sum or cash in whole plan.
  • Higher income not available for health conditions and lifestyle risks.

The figures above show the gross income and lump sum before any tax is deducted. You are able to change the term and lump sum selected above.

Guaranteed income for a set period

Cash-Out Retirement Plan

£7,116
a year
for
  • You decide the amount of income and how long it's paid.
  • Option to cash in whole plan.
  • Higher income not available for health conditions and lifestyle risks.

The figure above shows the gross income before any tax is deducted. You are able to change the term selected above.

Flexible income you can take when you want, it’s not guaranteed

Personal Pension Drawdown

Annual income
Investment return
  • You decide the amount of income and when it’s paid
  • The value of your pension can go up or down and you could get back less than you paid in
  • Income isn't guaranteed, you could run out of money

The 'Annual income' figure shows the amount before any tax has been deducted. You can change it using the drop-down – the more you take, the less time your money will last. You can see the effect of three different rates of return on the size of your pot by using the 'Investment return' drop-down.

Take it all as cash

The total cash payment shown below includes the 25% tax-free amount

£67,968
Total cash payment after tax.
£42,969
Tax that will be due
  • Take whole pension pot in one go.
  • You could pay more tax than other options.
  • Money might not last as long as you need.

 

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Next steps

Now that you've been given a helpful estimate of your potential retirement income, why not look at other products available as part of your shopping around. Other providers may have more appropriate products or be able to offer a higher level of income.

Next steps

Need some help?

Making well-informed decisions about financing your retirement is important so it’s worth shopping around and using available guidance and advice, before you buy. Other providers may have more appropriate products or be able to offer a higher level of retirement income.

Retirement guidance

Pension Wise from MoneyHelper

You can get guidance from the government's free and impartial service to help make your money and pension choices clearer.

The availability of appointments can vary between a few days and several weeks, so if you need guidance, it's a good idea to book an appointment slot now:

0800 011 3797
9am to 5pm, Monday to Friday.
Calls may be recorded or monitored. 

Speak with us

Our colleagues are always happy to help with your questions or to help you apply for a quote.

 

Get advice

Financial advisers can give you professional advice for pension planning.

You usually need to pay for their service and in return they recommend how to make the most of your pension given your circumstances.

To find and compare financial advisers please visit their website below.