Pension Drawdown Calculator UK
Simulate flexi-access pension drawdown: how long does the pot last, and what's left at the end?
Starting pot
Up to £268,275 lifetime — uses Pension Commencement Lump Sum allowance.
Drawdown plan
Will be increased each year by inflation.
UK life expectancy at 65 is ~85 (male) / 87 (female). Plan for at least 30 years.
⚠️ Pot exhausted
In year 19
£20,000/year (rising with inflation) is too aggressive for this pot and return. Try a lower withdrawal or higher return.
Pot balance over time
Bar shows balance after that year's growth and withdrawal. The remaining pot continues to grow at 5% while drawing increasing real-terms income.
Pension drawdown basics
Since the 2015 pension freedoms, anyone aged 55+ (rising to 57 from April 2028) can leave a Defined Contribution pension invested and draw an income from it. You stay invested for potential growth but bear the investment risk yourself — the opposite of an annuity.
The pot continues to belong to you. On death, it can usually be passed to beneficiaries free of IHT (though that's changing from April 2027 — see below).
You can usually take 25% of your pension as a tax-free lump sum (the "Pension Commencement Lump Sum"). The lifetime cap on tax-free PCLS is £268,275 (formerly £1.073m × 25%). Anything above that PCLS limit is taxed at marginal income tax rates.
You don't have to take it all at once: under UFPLS or phased drawdown, 25% of each withdrawal can be tax-free.
Related calculators
Other free UK tools that follow on from this calculation.
Pension Calculator
Project workplace auto-enrolment and SIPP contributions to estimate retirement income.
Annuity Calculator
Convert a pension pot into a guaranteed retirement income — single or joint life.
State Pension Calculator
Check your State Pension age and estimate weekly pay at the £241.30 full new rate.
Inheritance Tax Calculator
IHT at 40% (or 36% with 10% to charity) using both nil-rate bands and spouse transfers.