What can I expect from this tool?
Watch this short video (75 seconds) about investment pathways, using the tool and what to do if you’re unsure about your pension income options. (Download the video transcript) link downloads a PDF
Frequently asked questions:
Further information about your options for taking money out of your pension can be found on the Pension Wise website (Opens in a new window) or you can book an appointment (Opens in a new window) to get free, impartial guidance on your options from a pension specialist over the phone or face-to-face.
With pension drawdown you decide when to start taking money and how much income to take. You can use our pension drawdown calculator (Opens in a new window) to help you estimate how long your pension pot might last depending on the level of income you want to take.
You can normally choose to take up to 25% (a quarter) of your pension pot as a tax-free lump sum. Some older pensions might let you take more than 25% so it’s worth checking with your pension provider.
Find out more about your tax-free lump sum entitlement. (Opens in a new window)
If you are unsure about which retirement income option is best for you, how much income to take or how to invest your money once you have withdrawn your tax-free lump sum then obtaining financial advice could be a good option for you.
Find out more about using a financial adviser. (Opens in a new window)
You can change your income and investments - including changing investment pathways - at any time. You can also change product providers or choose a different retirement income option such as a guaranteed income at any time.
For a reminder of what you should consider see our pension drawdown page. (Opens in a new window)
Our promise to you
- We are set up by government so our tables and results are unbiased
- We don't receive any incentive or commission
- We will not contact you or share your details