1Your pension pot

Add together every "defined contribution" pot you have: workplace, personal and SIPP.

Total pension potRound numbers are fine

Will you take the tax-free cash?Normally 25% of the pot, up to a lump sum allowance of £268,275. This tool assumes you spend or keep it outside the pension.

Your age now

2The income you want

In today's money. The tool raises it each year with inflation.

Yearly income wantedBefore tax, from pension plus State Pension together

3State Pension

State Pension per yearFull new State Pension is £12,548 a year for 2026/27. Use your own forecast from GOV.UK if you have one. Enter 0 if none.

State Pension starts at ageCurrently 66, rising to 67 between 2026 and 2028

4Growth and inflation

Nobody knows these. Try a cautious number as well as an optimistic one.

Expected yearly growthAfter fees. An assumption, not a promise

Expected yearly inflationThe Bank of England aims for 2%

Your money runs out at age

100+

Starting pot after any tax-free cash£0

Income to reach age 95 (today's money)£0

Pension pot by age, in today's money

Three things to take from this

Questions to ask before you decide

Annuity or drawdown? An annuity pays a guaranteed income for life. Drawdown keeps the pot invested but can run out. Many people use a mix. This is a question for a regulated adviser.
Free guidance. MoneyHelper and Pension Wise are free and government-backed. Pension Wise offers a free appointment if you are 50 or over.

An illustration, not advice. It models one defined-contribution pot with a fixed yearly growth rate, which real markets never deliver. Income tax is not modelled, so the income you want is treated as the amount drawn before tax; some of it may be taxed. State Pension and your income wish both rise with inflation each year. Withdrawals are taken at the start of each year. Fees, falling markets early in retirement, care costs and other income are not included. Rates checked 23 October 2026: full new State Pension £241.30 a week (£12,548 a year) for 2026/27 and a lump sum allowance of £268,275. This is information, not financial or tax advice.

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