Please read if you are looking to transfer from a drawdown plan
Results
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
- 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
- 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
- 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
- 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
- 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.
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.
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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:
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