Retirement income calculator.

It's simple to use, just add your age and the amount in your pension pot below. Don't 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 higher income for health conditions and 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 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.

Understanding your retirement income options

Our retirement agents are on hand to answer your retirement income related queries. If you’re looking for financial advice, you can connect to an independent financial adviser in your area through Unbiased.

 

Next steps

It's worth running some numbers to see what the options might look like for you:

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Need help?

Making decisions about how to finance your retirement is important so it’s worth making use of the guidance and advice services available:

Retirement guidance

Pension wise

The Government’s impartial retirement guidance will help you avoid the risks and think about what’s right for you.

Speak with us

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

0800 048 2446

Monday to Friday
9am to 5pm
We may record and monitor calls.

Get advice

Connect to an independent financial adviser in your area through Unbiased.