Enter your pot, the income you want and a growth rate to see the age the pot runs out and the income tax on each year's withdrawal.
The figures are in today's money. The income comes out at the start of each year and the rest of the pot grows at the rate you enter, after inflation. Growth starts at 0% until you enter a rate.
You can take 25% of a pension as a tax-free lump sum, capped by the £268,275 lump sum allowance, and draw a taxable income from the rest. You can instead take smaller sums with a quarter of each one tax-free until the allowance is used up.
Income tax on a withdrawal is charged on top of your State Pension and other pension income. The 2026/27 rates for England, Wales and Northern Ireland are a £12,570 personal allowance, 20% to £50,270, 40% to £125,140 and 45% above. Scottish income tax bands are different. The full new State Pension is £241.30 a week in 2026/27. Figures checked on gov.uk on 26 October 2026. The Budget on 28 October 2026 can change them.
Pension charges, changes to the income tax bands, the Scottish rates and lump sum allowance you have already used all change the answer, and none of them is in these figures. An adviser looks at the growth you can expect, what an annuity would pay and how much to draw each year.
This is information. It is not a personal recommendation. Whether any of it is right for you depends on your circumstances. The value of investments and any income from them can fall as well as rise, and you may get back less than you invest.
Any growth rate is an assumption about the future. Enter the rate you want to test after inflation, then try a lower one to see how far the answer moves.
No. The lump sum leaves the pot, so less is left to pay the income. Taking a quarter of each withdrawal tax-free keeps more in the pot. Which suits you depends on what the lump sum is for and on your tax position.
No. The income you enter is what comes out of the pot. Your State Pension, from the age you enter, and any other pension income set the rate of tax on it.
An annuity pays a guaranteed income and is normally permanent. Drawdown leaves the money invested, with the risk staying with you, and you can use both.
Read the answer →You can normally take 25% free of tax and the rest is taxed as income.
Read the answer →In 2026/27 Scotland's 42% rate starts at £43,663, against £50,270 in the rest of the UK.
Read the answer →A SIPP and a SSAS are both pensions in which you choose the investments. A SIPP is a personal pension, and a SSAS is a scheme a company sets up for its directors and staff.
Read the answer →Enter your pot and any lump sum allowance you have used to see your tax-free cash, and the income tax if you take the whole pot at once.
Work it out →Whether your pensions will cover the retirement you want, and by how much they miss.
Work it out →Enter your estate and your pensions to compare the inheritance tax on a death before 6 April 2027 with a death on or after it.
Work it out →Your first call is with an Account Manager and is at no cost to you. Tell us what is on your mind: a pension you have lost track of, a fixed rate ending, a will you keep meaning to write.