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 annual result is made up of 12 equal monthly payments. The results are examples only and aren't advice. The actual income you can get will depend on your individual circumstances.
A 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. We've assumed you're in perfect health, your postcode may impact any subsequent quote.
A 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.
A 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.
A flexible income
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.
Mix your options
You don’t need to choose just one type of income product
You can combine some or all of them, either at the same time or one after the other, to meet your changing needs now and in the future. For example, using your pension pot to buy a flexible income, as well as a guaranteed income.
Oops looks like something went wrong...
Sorry, but we couldn't calculate your results. Please try again later
Need some help?
Making well-informed decisions about how to finance your retirement is important so it’s worth shopping around and using available guidance and advice.
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 100 166
8am to 6.30pm, Monday to Friday.
Calls may be recorded and monitored.
Send us a secure message
If you have any questions, you can send a secure message through your account. Use the link below to log in.
Get financial 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.