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 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.

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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.

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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.

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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.

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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.

Looking at other ways to fund your retirement?

If you’re a homeowner aged 55 or over, and your property is worth more than £70,000 or £100,000 depending on your property type then you could consider a lifetime mortgage.

A loan secured on your home, a lifetime mortgage could help you release some equity from your home to spend on yourself, your home or your family. Try our calculator to find out how much you could release.

How much equity can I release?

Using our retirement and pension income calculator

Here are a few things to consider when using our calculator to work out your potential annuity or drawdown income.

Calculating your pension pot

To get the best results from our calculator, you should work out what your total pension pot will be.

You should include any defined contribution pensions that you have. These could be private or from current or previous jobs.

Please don't include any of the following in your total pension pot:

  • Money in a defined benefit or 'final salary' pension.
  • Your State Pension.

If you need help tracking down and combining any old pensions you might have, our Pension Tracing and Pension Consolidation services could help.

Using our calculator to find out your annuity income

Annuity income results are available on our calculator for ages 55-85.

Once you enter your age and pension pot amount, we'll show:

  • The amount you could take for your 25% tax-free lump sum.
  • The amount remaining in your pension pot after taking the lump sum.
  • An estimated annual income based on the amount left in your pension pot.

As well as results for our annuity, which guarantees an income for life, you can also see results for our Fixed Term Retirement Plan and Cash-Out Retirement Plans. These offer incomes over a fixed term. You can use the calculator to see the impact of different terms on your annual income.

Using the calculator to find out your pension drawdown income

Pension Drawdown results are available on our calculator for ages 55-74.

Once you enter your age and pension pot amount, we'll show:

  • The amount you could take for your 25% tax-free lump sum.
  • The amount remaining in your pension pot after taking the lump sum.
  • The annual income based on you taking 3.5% of your remaining pension pot in drawdown each year.

You'll then be able to:

  • Amend the annual income up to the maximum available and see what impact this has on how long your money will last.
  • Change the expected return based on a low, medium and high investment performance.

 

 

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.

Lady in coffee shop

Need 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, before you buy:

 

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 100 166
8am to 8pm, Monday to Friday.
Calls may be recorded and monitored.

Book an appointment

Speak to us

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

0800 048 2446

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

Contact us

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