Will my private pension fund run out?

I’m a bit worried my private pension fund won’t last long enough, how do I prevent it running out?

Question asked by Sally Richardson
Need Pension Advice?
Call us on 02084327333
First Name
Phone
Email

Answered by Neil Adams

That depends on how quickly you spend it. If you plan on taking out a big lump sum, then there is a risk that your pension savings will run dry too quickly.

Income Drawdown or Annuity

If you are drawing your retirement income from your pension fund (known as pension income drawdown), there is a danger that the fund could run out. You therefore need to be careful and continually monitor the level of income taken and the investment growth on the fund.

To check how long your pension will last in drawdown, use our Pension Drawdown Calculator here.

If want to guarantee that you won’t outlive your savings, then you may want to consider using some or all of your pension savings to buy a secure income for life through an annuity.

An annuity is essentially an insurance contract that pays you a monthly income until you die, whatever age you reach. Please contact us to speak with one of our pension advisers find out more.

annuity
 
income drawdown
 
retirement planning
 
This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
Start your journey today...
  Find out how a Drewberry financial adviser can help you reach your destination by making the most of your finances.
Call us on 

Frequently Asked Pensions Advice Questions

 
I am a member of my employer’s defined benefit pension scheme and have heard that with the new...
 
Is there a particular age I can take money out of my personal pension? Is it fixed at state retirement...
 
I’m looking to start up a pension, but all I can seem to find are defined contribution pensions....
 
I’m planning to retire in a few years time and was wondering if it’s possible for me to top...
Need Help? Live chat now and get an instant answer from our Experts...

Neil
Pensions

Victoria
Insurance
Our Latest Reviews
Kevin Paul
05/09/2017

Excellent service renewing our medical insurance, professional advice, good rates found and excellent professional after service, highly recommended.

Max Edgar
09/09/2017

Nadeem was brilliant. He was very patient and worked very well with me to come up with the best solution possible for my budget. Perfect solution. Thank you very much.

Aidan Smyth
11/09/2017

Dealt with me promptly and provided me with the most cost-effective option consistent with my requirements. Very pleased and thank you.

We are rated 4.9/5 based on 1129 independent client reviews.
To read more of our independent client reviews click here →
REVIEWS
EXCELLENT
4.93 / 5 Average
1,222 Reviews
A
Overall Rating
Really, really helpful! Stopped me from signing up with an unhelpful company, and did basically all of the legwork for me in signing up with the right one. I can't have been the most helpful client as I'm 19 and only just started looking into it last week, but he took all the questions in stride! Put up with me turning to ask my dad questions every 2 minutes as well. I was helped by 2 workers; Sam and Nick. Thank you very much to both!
L Finch
Overall Rating
Good communication and follow ups. Friendly. A thorough research for my insurance needs.
M
Overall Rating

Sam Barr-Worsfold was very helpful and provided excellent customer service. Sam discovered I was paying too much premium for my current cover. Sam recommended and helped moved to a new cover with lower premium that provided the level of cover (terms required stated in the provider's policy) I wanted. I recommend highly recommend Sam and Drewberry Insurance. Thank you Sam.
Anonymous
Overall Rating
Thorough, knowledgeable and great communication
Anonymous
Overall Rating
Went through each policy in detail and made sure I was getting the correct one for me