Drewberry™ provide pensions, investment and insurance advice for Money to the Masses readers throughout the UK.

calculate your pension drawdown

Pension Drawdown Calculator

Pension drawdown offers a far more flexible way of drawing an income in retirement than an annuity. Where an annuity provides a guaranteed income, if you choose income drawdown you’ll have a finite pot of money to survive from.

You can use our Drawdown Calculator to get a good idea of when your pension is likely to run out, the only detail you’ll need is an estimate of how much your pension is currently worth. Depending on your preference the calculator can either show you:

  • how much you could withdraw each month from your pension if you want it to last to a certain age
  • how long your pension will last depending on how much you want to withdraw each month.

When calculating your required pension income, it’s worth taking into consideration any state pension you may be entitled to.

 

Pension Income Drawdown Calculator

When will your income drawdown pension run out? Enter the anticipated size of your pension pot at retirement and follow these easy steps to calculate how long your pension will last. You'll receive our FREE Income Drawdown Downloadable Guide.
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Warning: As your pension fund value exceeds the Lifetime Allowance of £1 million you may be liable for a lifetime allowance tax charge. Please contact one of our financial advisers to discuss how you could potentially mitigate this liability.
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You've chosen to take more than 25% of your pension pot upfront as a cash lump sum. Only the first 25% of your pension pot can be withdrawn in this way tax-free. Anything above the initial 25% will be subject to income tax at your highest marginal rate.
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Your Income Drawdown Results

Pension Drawdown Overview

Monthly income to age
(-10 years)
Monthly income to age
(chosen age)
Monthly income to age
(+10 yrs)
Funds Exhausted
Conservative Growth Rate 2%
Expected Growth Rate 4%
Accelerated Growth Rate 6%
*The inflation proofed income you will require when you reach your retirement
(1) Our drawdown calculator is limited to 115 years old and at this age you will still have funds available. It is important to bear in mind that if your pension fund grows to exceed the Lifetime Allowance of £1 million you may be liable for a lifetime allowance tax charge. Call us on 02084327334 to speak with one of our financial advisers to discuss how you could mitigate this liability.
 

Introduction to Financial Planning [VIDEO]

Neil Adams - Final Salary Pension Expert

These calculators help but sometimes it doesn't beat talking to a human. If you need any support please do not hesitate to pop us a call on 02084327334.

Neil Adams
Head of Pensions Advice at Drewberry

 

Will My Drawdown Pension Pot Run Out?

There is a risk that your pension might not last long enough if you choose income drawdown. That’s because the pot is finite, and every time you draw from it you reduce its total capital.

Will my pension run out?

However, the main alternative to income drawdown is currently buying an annuity. Although this will offer you a guaranteed income for the rest of your life, annuity rates are currently at historic lows.

What’s more, there’s no inherent flexibility in this method of securing a retirement income when you compare buying an annuity with pension drawdown.

Income drawdown offers more control and flexibility than an annuity, as well as making it easier to leave a legacy to your loved ones after you’re gone.

You also don’t need to make an absolute choice between drawdown and an annuity. While an annuity is irreversible, so you can’t buy an annuity then cash it in to enter pension drawdown, you’re perfectly entitled to opt for drawdown at first and then use any remaining funds at a later point to purchase an annuity if that’s what you prefer.

Use our pension drawdown calculator then speak to Peter Banks, Wealth & Investments Expert at Drewberry

You’ll always have to keep in mind that your pension could run out with drawdown. Using our Income Drawdown Calculator is a good starting point on the road to seeking pensions advice and working with an adviser to create a tailored drawdown programme for you.

Peter Banks
Wealth & Investments Expert at Drewberry

Get expert advice on income drawdown to make sure your pension doesn't run out too fast

Get Expert Pension Drawdown Advice?

Drewberry’s Income Drawdown Pension Calculator is designed to be used alongside our Income Drawdown Advice pages as a guide to help you understand more about this type of pension. We’ll also help you with your drawdown investments, deciding where to put your money to achieve the best chance of growth.

However, the calculator can’t offer financial advice – that’s what Drewberry’s team of pension experts is for. To get through to one of our expert advisers, give us a call on 02084327333 to discuss your pension drawdown needs.

We’re here to offer you advice on income drawdown and help you put together a customised drawdown programme to reduce the risk that your pension fund will run out sooner than you need.

 

Transferring a Final Salary Pension to a Drawdown Pension

If you’re considering a final salary pension transfer to switch to a defined contribution pension that allows income drawdown, then you can enter your cash equivalent transfer value or CETV into our drawdown calculator to get an idea of what you could withdraw.

If you don’t have a CETV yet, then you can get an estimate of what your final salary pension could be worth if you transferred out using our Final Salary Pension Transfer Calculator.

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The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested. Tax treatment varies according to individual circumstances and is subject to change.