UK pension drawdown calculator
How long a pension pot lasts at the income you want after tax, with the tax-free part, income tax and the State Pension counted.
Drawing £25,000 a year after tax from a £400,000 pension pot at 60, in today's pounds, your pot
runs out at 79
That is 19 full years of income. The smallest pot that lasts to 100 on these figures is £638,156, which is £238,156 more than you entered. No State Pension is counted until you enter your qualifying years below. These are an example's figures: replace them with yours. This is a projection at one steady return, not a forecast.
- Taken from the pot in the first year
- £26,454
- £6,614 of it tax-free and £19,841 taxable.
- Income tax in the first year
- £1,454
- On the taxable part, outside Scotland.
- State Pension
- None counted
- The qualifying years entered are under the 10 needed for any. Enter your forecast's years to add it from age 67.
You reach State Pension age on 15 June 2033. The money comes out at the start of each year, before that year's growth.
Show the year-by-year numbers
| Age | Pot at the start | State Pension | Taken from pot | Tax-free part | Income tax | After tax |
|---|---|---|---|---|---|---|
| 60 | £400,000 | £0 | £26,454 | £6,614 | £1,454 | £25,000 |
| 61 | £384,752 | £0 | £26,454 | £6,614 | £1,454 | £25,000 |
| 62 | £369,047 | £0 | £26,454 | £6,614 | £1,454 | £25,000 |
| 63 | £352,871 | £0 | £26,454 | £6,614 | £1,454 | £25,000 |
| 64 | £336,209 | £0 | £26,454 | £6,614 | £1,454 | £25,000 |
| 65 | £319,048 | £0 | £26,454 | £6,614 | £1,454 | £25,000 |
| 66 | £301,371 | £0 | £26,454 | £6,614 | £1,454 | £25,000 |
| 67 | £283,165 | £0 | £26,454 | £6,614 | £1,454 | £25,000 |
| 68 | £264,412 | £0 | £26,454 | £6,614 | £1,454 | £25,000 |
| 69 | £245,097 | £0 | £26,454 | £6,614 | £1,454 | £25,000 |
| 70 | £225,202 | £0 | £26,454 | £6,614 | £1,454 | £25,000 |
| 71 | £204,710 | £0 | £26,454 | £6,614 | £1,454 | £25,000 |
| 72 | £183,604 | £0 | £26,454 | £6,614 | £1,454 | £25,000 |
| 73 | £161,864 | £0 | £26,454 | £6,614 | £1,454 | £25,000 |
| 74 | £139,472 | £0 | £26,454 | £6,614 | £1,454 | £25,000 |
| 75 | £116,409 | £0 | £26,454 | £6,614 | £1,454 | £25,000 |
| 76 | £92,653 | £0 | £26,454 | £6,614 | £1,454 | £25,000 |
| 77 | £68,185 | £0 | £26,454 | £6,614 | £1,454 | £25,000 |
| 78 | £42,983 | £0 | £26,454 | £6,614 | £1,454 | £25,000 |
| 79 | £17,024 | £0 | £17,024 | £4,256 | £40 | £16,985 (£8,015 short) |
Everything is in today's pounds: the tax bands, the Personal Allowance, the lump sum allowance and the State Pension are held at their 2026 to 2027 amounts, which assumes they rise with prices. HMRC has said the Personal Allowance, the basic rate limit and the higher rate threshold are held at their current levels from 6 April 2028 to 5 April 2031; the calculator does not model that, so for those years tax is higher than shown once prices rise. The State Pension is counted as 52 weekly payments a year. A quarter of each withdrawal is tax-free until the lump sum allowance is used. Not modelled: Scotland's tax bands, the Personal Allowance taper, annuities, defined benefit schemes, the money purchase annual allowance, taking the tax-free part as one lump sum, and charges. The link carries your figures after the #, so you can save or share it. Your figures are not sent to us.
How each year is worked out
- The State Pension, from State Pension age (part of the year in the year it starts), is counted first and is taxable.
- The calculator finds the amount to take from the pot that leaves the income you asked for after tax. A quarter of it is tax-free until the lump sum allowance of £268,275 is used; the rest is taxed with the State Pension.
- The amount comes out at the start of the year. What is left grows at the return you entered, above inflation.
- The pot runs out in the first year it cannot pay that year's amount in full. The table runs to age 100.
The Income Tax bands the page uses
The 2026 to 2027 bands for England, Wales and Northern Ireland, with the standard Personal Allowance. Scotland has different bands, and the calculator does not use them.
| Band | Taxable income | Rate |
|---|---|---|
| Personal Allowance | Up to £12,570 | 0% |
| Basic rate | £12,571 to £50,270 | 20% |
| Higher rate | £50,271 to £125,140 | 40% |
| Additional rate | Over £125,140 | 45% |
The Personal Allowance taper. The allowance goes down as adjusted net income rises above £100,000. The calculator does not model it. If a year is above that income, the page says so, and tax in that year is understated.
Held in today's pounds. The bands, the Personal Allowance, the lump sum allowance and the State Pension are held at their 2026 to 2027 amounts in today's pounds. That assumes they rise with prices. HMRC has said the Personal Allowance, the basic rate limit and the higher rate threshold are held at their current levels from 6 April 2028 to 5 April 2031. The calculator does not model that freeze, so tax is higher than shown in those years as prices rise, and in later years too if the bands are not raised. The State Pension is counted as 52 weekly payments a year.
What is not modelled. Scotland's bands, annuities, defined benefit schemes, the money purchase annual allowance of £10,000, taking the tax-free part as one lump sum, other income, and charges. Each can change your answer. This is a planning aid and not financial advice: a regulated adviser can help with your own case.
Questions people ask
- How long will my pension last?
- It depends on the pot, the income you take, the return the money earns, the tax you pay and when the State Pension starts. The calculator takes the income you want each year after tax, works out what has to come out of the pot to leave that after tax, and shows the age the pot runs out, or that it lasts past 100. It uses one steady return every year, so it is a projection and not a forecast: a bad run of years early on can shorten how long the same average return lasts.
- How much of my pension is tax-free?
- Up to 25% of a pension can usually be taken tax-free, to a limit called the lump sum allowance, which is £268,275. If you take more than the allowances, Income Tax is due on the extra. The calculator takes a quarter of every withdrawal tax-free until the allowance is used up, which spreads the tax-free part over the years. You can instead take the tax-free part as one lump sum; that is not modelled.
- How is income from drawdown taxed?
- Income from a pension is added to your other income and taxed at the Income Tax bands, and the State Pension counts as pension income. In the 2026 to 2027 tax year, outside Scotland, the first £12,570 is the Personal Allowance, then 20% up to £50,270, 40% up to £125,140 and 45% above. Scotland has different bands, which the calculator does not use. If your income is above £100,000 the Personal Allowance starts to fall; the calculator does not model that and says so when a year reaches it.
- Does the State Pension count?
- Yes, from your State Pension age, in today's pounds, and it is taxed with the rest of your income. The calculator uses the same State Pension and State Pension age as the State Pension page, from the qualifying years you enter. Enter the years in your own forecast at gov.uk/check-state-pension; with 0 no State Pension is counted, which is the cautious reading.
- What is the money purchase annual allowance?
- If you start taking taxable money from a defined contribution pension in certain ways, such as flexi-access drawdown, the most that can be paid into pensions each year before a tax charge falls from the usual annual allowance to £10,000. It matters if you plan to take money out and also keep saving into a pension. This page does not model it.
- What about an annuity or a final salary pension?
- Neither is modelled. The calculator is for a defined contribution pot that you draw from. Your own options, including the other ways to take a pension, are on the government's page, linked below.
- Should I put money in an ISA as well?
- ISAs sit outside this calculator, which looks at the pension pot alone. You can save £20,000 a year in ISAs in the 2026 to 2027 tax year. The early retirement calculator shows how ISA savings cover the years before a pension can be taken.
Sources: GOV.UK, Income Tax rates and Personal Allowances, HMRC's policy paper on maintaining the thresholds, tax when you get a pension, lump sum allowance, individual savings accounts, and HMRC's Pensions Tax Manual on the money purchase annual allowance. State Pension figures are on the State Pension page. Your own forecast is at check your State Pension forecast, and the government's pension options page covers the other ways to take a pension.