Pension Drawdown Calculator UK
How Long Will My Pension Last?
Enter your pension pot and the income you want after tax to see how long your money lasts in drawdown, how much tax you pay, how the State Pension changes the picture, and the most you can take each year to age 95.
Read the full answer — method, rates and figures
Quick answer: A £200,000 pension drawn from age 60 to give £25,000 a year after tax runs out at about age 68, just after the full State Pension (£12,548 a year) starts at 67. To make the same pot last to 95, the most you could take is about £16,400 a year after tax from 60, or £20,100 if you wait until 67.
That assumes 5% growth, 0.5% charges and 2.5% inflation, with 25% of each withdrawal tax-free and 2026-27 income tax (England, Wales and Northern Ireland). Change any figure below to see your own answer.
How long will my pension last?
It depends on four things: the size of your pot, the income you take, your investment returns after charges, and when your State Pension starts. The calculator works through each year, taking just enough from the pot to give you your target income after tax.
Your income lasts to
68
Year-one withdrawal
£26,454
Year-one tax
£1,454
Max income to 95
£16,400
Your pot pays £25,000 a year after tax until age 68. After that you would have the State Pension (£12,548 a year) and anything else you have saved. The most you could take every year to 95 is about £16,400.
In the first year you take £26,454 from the pot and pay £1,454 income tax. From 67 the State Pension pays part of your income, so withdrawals fall.
Today's money, real return 1.95% a year. Taking taxable drawdown triggers the £10,000 money purchase annual allowance. Not financial advice: Pension Wise (MoneyHelper) offers free guidance from age 50.
| Age | Pot at start | Withdrawal | Tax |
|---|---|---|---|
| 60 | £200,000 | £26,454 | £1,454 |
| 65 | £80,071 | £26,454 | £1,454 |
| 68 | £14,391 | £14,391 | £2,154 |
Keep your drawdown plan on track
A drawdown plan needs checking every year. Richify keeps your pensions, ISAs, savings and property in one net-worth view, so you can see whether the pot is still on course.
Income lasts to
68
Pension pot
£200,000
Income after tax
£25,000/yr
Max to 95
£16,400/yr
Last reviewed 9 October 2026 by the Richify AI agent team.
Reviewed by Felix, Richify's AI CFO — an AI author, presented as one.
This is the textbook answer. Want to see this calculated against your actual accounts?
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Start my 7-day free trialHow it works
Each year the calculator works out the withdrawal that gives you your target income after tax, counting the State Pension once you reach State Pension age. The taxable part of the withdrawal is added to the State Pension and taxed under the 2026-27 bands for England, Wales and Northern Ireland (Scotland sets its own bands, so a Scottish taxpayer's figures will differ). What is left in the pot grows at your real return: growth minus charges, after inflation. With the defaults that is 1.95% a year.
Everything is shown in today's money. That treats the tax bands and the State Pension as rising with prices, which is optimistic for now: the Personal Allowance is frozen until April 2031, so real tax will be slightly higher than shown. The lump sum allowance (£268,275) caps the tax-free cash in either mode. "Lasts to" is the first age at which the pot cannot pay your full target; the State Pension carries on after that. Statutory figures checked 9 October 2026; the benchmark is Pensions UK Retirement Living Standards, 3 June 2026.
How long will my pension pot last?
Starting drawdown at 67 with the full new State Pension (£12,548 a year) and 25% of each withdrawal tax-free. Each column is the total income you want after tax, State Pension included. The cell is the age at which the pot can no longer pay it in full.
| Pot | £20,000/yr | £25,000/yr | £30,000/yr | £35,000/yr |
|---|---|---|---|---|
| £100,000 | age 79 | age 74 | age 72 | age 70 |
| £200,000 | age 96 | age 82 | age 77 | age 75 |
| £300,000 | beyond 100 | age 92 | age 83 | age 79 |
| £500,000 | beyond 100 | beyond 100 | age 99 | age 90 |
Assumes 5% growth, 0.5% charges and 2.5% inflation a year, and the full new State Pension from 67. Lower returns, or a smaller State Pension, shorten every figure.
How much can I draw from my pension each year?
The highest income after tax, State Pension included, that the pot pays in full every year to age 95. Starting at 60 means the pot carries the whole income for seven years before the State Pension starts at 67. For comparison, the Pensions UK Retirement Living Standards, 3 June 2026 put a moderate retirement for one person at £32,700 a year and a minimum one at £13,900, excluding housing costs.
| Pot | Starting at 60 | Starting at 67 |
|---|---|---|
| £100,000 | £13,100/yr | £16,300/yr |
| £200,000 | £16,400/yr | £20,100/yr |
| £300,000 | £19,700/yr | £23,900/yr |
| £500,000 | £26,200/yr | £31,500/yr |
Tax-free cash: 25% upfront or with each withdrawal?
You can usually take 25% of a pension tax-free, up to the £268,275 lump sum allowance. Taken upfront, it arrives as a lump sum and everything you draw afterwards is taxable. Taken in stages, 25% of each withdrawal is tax-free and the rest stays invested. On the £200,000 example from age 60, the upfront route pays £50,000 at the start, then year-one tax on a £25,000 income is £3,108 against £1,454 when phased. The income then runs out at 65 rather than 68, because the lump sum is not counted as income here. If you spend the lump sum on something you would otherwise pay for, such as clearing a mortgage, the comparison changes. To check how much tax-free cash your pots allow, use the lump sum allowance calculator.
How is pension drawdown taxed?
The taxable part of each withdrawal is added to your other income and taxed at your marginal rate. Before State Pension age, the Personal Allowance covers the first £12,570 of taxable income. After it, the full new State Pension (£12,548 a year) uses all but £22 of that allowance, so taxable drawdown above that is taxed at 20% (40% above £50,270 of total income). In the example, the pot pays £14,644 at 67 and the year's tax is £2,192, all of it on the drawdown, because the State Pension alone is just below the Personal Allowance. Your first withdrawal is often taxed on an emergency code, and the pension withdrawal tax calculator shows how much you would get back. Once you take taxable money, the money purchase annual allowance limits tax-relieved contributions to £10,000 a year.
Drawdown, an annuity, or both?
Drawdown keeps your pension invested, so the income can last longer or run out sooner depending on returns, and anything left can be passed on. An annuity swaps some or all of the pot for a guaranteed income for life, so it cannot run out. Many people cover essential spending with the State Pension plus an annuity and draw the rest flexibly. The annuity calculator shows what your pot would buy. Unused pension funds will count towards the estate for Inheritance Tax for deaths from 6 April 2027, which the pension inheritance tax calculator works out. To see what you could have in the pot by retirement, start with the UK pension calculator; for the exact date your State Pension starts, use the State Pension age calculator.
How to use this calculator
- Enter the value of your pension pot (all defined contribution pots added together) and the age you start drawing.
- Set your State Pension age and the yearly State Pension you expect (your GOV.UK forecast gives both).
- Enter the income you want each year after tax, including the State Pension.
- Choose whether you take 25% tax-free cash upfront or 25% of each withdrawal.
- Adjust growth, charges and inflation, then read how long the pot lasts and the most you can draw to age 95.
❓ Frequently Asked Questions
How long will my pension pot last in drawdown?
It depends on the pot, the income you take, investment returns and when your State Pension starts. Using the assumptions on this page, a £200,000 pot paying £25,000 a year after tax from age 60 lasts until about age 68.
Once the State Pension starts, the pot only has to fund the gap above it: at 67 the withdrawal falls from £26,454 to £14,644. The same pot taken from 67, at £20,000 a year after tax including the State Pension, lasts until age 96.
How much can I take from my pension each year without running out?
On this page's assumptions, the most you could take every year to age 95, after tax and including the full State Pension from 67, is about £16,300 from a £100,000 pot, £20,100 from £200,000, £23,900 from £300,000 and £31,500 from £500,000, starting at 67. Starting at 60 lowers each figure, because the pot pays the whole income for seven years before the State Pension starts.
Poor returns in the early years shorten any plan, so many people review their withdrawals every year.
Is it better to take 25% tax-free cash upfront or with each withdrawal?
Taking it upfront gives you a lump sum (up to £268,275, the lump sum allowance) but the rest of the pot is fully taxable as you draw it. Leaving it invested and taking 25% of each withdrawal tax-free spreads the tax-free cash across your retirement and keeps more money invested for longer.
For the £200,000 example, the upfront route pays £50,000 at the start and the income then lasts until age 65, against 68 when it is phased, because the lump sum is not counted as income here.
How is pension drawdown taxed?
The taxable part of each withdrawal is added to your other income, including the State Pension, and taxed at your income tax rate. The full new State Pension (£12,548 a year) uses all but £22 of the £12,570 Personal Allowance, so after State Pension age taxable drawdown above that £22 is taxed at 20% or more.
Your first withdrawal is often taxed on an emergency code; you can reclaim any overpayment.
Does drawdown affect how much I can pay into a pension?
Yes, once you take taxable money. Taking taxable income from flexi-access drawdown, or a lump sum that is partly taxable, triggers the money purchase annual allowance: from then on you can pay in only £10,000 a year to defined contribution pensions with tax relief.
Taking only your tax-free lump sum does not trigger it. That matters if you are still working or plan to go back.
When can I start pension drawdown?
From the normal minimum pension age: 55 now, rising to 57 on 6 April 2028, unless your scheme gives you a protected pension age. The State Pension follows its own timetable: it is 66, rising to 67 for people born from 6 April 1960, and you cannot take it early.
Many people use drawdown to bridge the years in between.
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Further Reading
See Your Pension Next to Everything Else
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