Plan your retirement

Before you start

Alongside a few personal details you’ll need to have an estimate of:

The current value of your pension(s)
How much (or the percentage) you and your employer pay into them

The planner uses the HMRC UK Personal Allowance and tax bands for England and Northern Ireland from 6 April 2020 to 5 April 2021. Scottish and Welsh income tax thresholds may differ.

When you plan to retire, or start taking money from your pension(s)

Remember, the retirement planner only gives you an estimate and your future income may differ significantly from the illustration provided. It isn’t intended as a recommendation or personalised advice.

If you do want to make changes to your pension, we strongly recommend you talk to a financial adviser. If you would like more information about getting financial advice, visit our financial advice webpage.

What you'll find out

Answer a few simple questions to see an estimate of how much you may be able to retire on from the time you turn 55 if you were to use a flexible income (drawdown), a guaranteed income (annuity), or withdraw your pension(s) as cash.

Up to 25% of your pension(s) is available tax-free with the remainder being taxable. As you go through the tool, you will learn more about these options.

A flexible way to fund retirement

You can take money directly from your pension to suit your needs and keep the rest invested with income drawdown. While invested, its value can go up and down.

Get a guaranteed income for life

Use your pension to buy an annuity, which will pay you a regular guaranteed income for the rest of your life. Once bought, the annuity usually can’t be changed.

Withdrawing your pension

If you’d prefer everything in one go when you retire, you can choose to take your entire pension as a lump sum. Remember that this money may have to last you the rest of your life and you’ll need to consider the tax implications of a full withdrawal.

Start planning

Pension Wise

This government service offers free and impartial guidance on your retirement options, either over the phone or face to face.

Visit Pension Wise

Pension articles

Take a look at our library of helpful articles and guides.

Leave your money where it is for now

Not touching your money right away could make a difference to the size of your pension pot.

See what could happen to your pot

Mix and match your retirement options

Choosing a few retirement options (rather than just one) could help you get the retirement lifestyle you're after.

Choose a few retirement options

Coronavirus and your retirement

If you’re planning to retire in 2020, we explain how the coronavirus pandemic could affect your pension.

What’s the difference between financial guidance and advice?

Financial guidance or advice can be a huge help when it comes to money matters. See how our experts can help you plan your retirement.

Explore guidance and advice

Taking part of your pension

There are a few different ways to take your money as you approach retirement. See your options on withdrawing part of your pension money.

Take some of your money

Taking all your pension in cash

See the impact of withdrawing your pension money as one lump sum – and what you can do instead.