Annuity Calculator

Our Pension Annuity Calculator helps you see how much income you could receive with a guaranteed income product. Don't include any final salary pensions or your state pension in your calculations.

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 annuity and our other guaranteed income 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.

Pension Annuity

£3,096

a year

for the rest of your life

Can pay more if you have health conditions or lifestyle risks
Can keep paying out to a loved one after you die
Can’t be changed 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. For a personalised quote, click 'Quote and apply'.

Find out more Quote and apply

Fixed Term Retirement Plan

£7,116

a year for

select end lump sum of

Pays an annual income and final lump sum that you choose
Lets you make withdrawals from the lump sum or cash in the whole plan
Doesn’t pay more if you have health conditions or 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.

Find out more Quote and apply

Cash-Out Retirement Plan

Pays an annual income and final lump sum that you choose
Lets you cash in the whole plan
Doesn’t pay more if you have health conditions or lifestyle risks

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

Find out more Quote and apply

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.

Find out more Quote and apply

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.

Receive a guaranteed income with a Pension Annuity

You've seen from our calculator the different guaranteed income products we have with our guaranteed income products. To learn more about our annuity, visit our Pension Annuity page. It shares more info about how they work, gives tips on seeing if one’s the right choice for you, and walks you through getting a quote and then applying.

We’ll tell you if anyone else offers higher rates. So you’ll be able to compare a wide range of retirement income options and be sure you’re getting the best deal for you. Our annuity calculator can also give you an insight into what you might receive with other guaranteed income products: Fixed Term and Cash-Out Retirement Plans, or Pension Drawdown.

	Guaranteed income (Pension Annuity)	Fixed Term Retirement Plan	Cash-Out Retirement Plan	Flexible Income (Pension Drawdown)
Can it provide a regular pension income?	Yes	Yes	Yes	Yes
Can I choose a guaranteed income each month?	Yes	Yes	Yes	No
Is my pension income guaranteed to last my whole life?	Yes	No	No	No
Can I change how much I get from my pension income?	No	No	No	Yes
Am I exposed to market risks, up or down?	No	No	No	Yes
Actions	Pension Annuity	Fixed Term Retirement Plan	Cash-Out Retirement Plan	Flexible Income Pension Drawdown

Yes

Pension Annuity

Fixed Term Retirement Plan

Cash-Out Retirement Plan

Flexible Income Pension Drawdown

How annuities work

Many people are looking for reliable ways of funding their later years. Perhaps you want to make sure the bills are covered for the foreseeable future. Maybe you’d like to fund those trips you’ve always dreamed of taking, or that hobby you’ve always loved so much. Or you might just want to top up your income when you switch to working part time.

Buying an annuity

Deciding that an annuity’s the right choice for you is only the beginning. You still need to look around, find the right one and then buy it. We’re going to give you some key pointers to help you do just that.

Annuity vs drawdown – what's the difference?

Many of us have spent the last few decades planning and carefully saving for the things that are important to us, whether that’s life’s luxuries, our mortgages and bills, or our plans for the future. As we get older we might have different priorities, but our financial planning for retirement should be just as important.

Retirement guidance

Pension Wise from MoneyHelper

The government’s free and impartial service, offering guidance to make money and pension choices clearer.

To find out more or book an appointment online click below or call.

0800 138 3944
8am to 6.30pm, Monday to Friday.
Calls may be recorded and monitored.

Annuity Calculator

Our Annuity Calculator provides a helpful estimate of your potential retirement income with a pension annuity and our other guaranteed income products. Use our calculator to see how much you could get.