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Use our free annuity calculator below to assist you with your retirement income planning.
Written by Retirement Line
Reviewed by Mark Ormston
Last Updated: 1st December 2023
Calculate your pension annuity income
Deciding whether an annuity is right for you likely starts with a simple question: how much income can I expect?
To help you answer that question, use our free pension annuity calculator. UK providers including Aviva, LV=, Scottish Widows and Legal & General all supply real-time data that our calculator uses to give you results in seconds.
Use our free annuity rates calculator and see how you could get up to 75% more annuity income.
Get your free quote
Use our free pension income tax calculator and see how much income tax you could pay if you take your pension in one lump sum.
How much tax could you pay?
Perfect if you are planning for later in the future, or don't want a personalised calculation yet.
See current rates tableBuying a pension annuity is an option if you have money saved in a ‘defined contribution’ personal pension or company pension scheme. When you buy an annuity, you turn your savings into regular income, either for life or for a fixed term of your choosing.
Once it’s in place, the annuity will pay you an income that isn’t affected by interest rate changes or ups-and-downs of the stock market. You’ll have the peace of mind that your income won’t drop if interest rates or investment performance drop. Of course, this means that you wouldn’t benefit from rising interest rates or stock markets, unlike some investment-based retirement solutions.
You can compare annuity quotes from the UK’s leading annuity providers in seconds with our online annuity calculator. It’s a simple and straightforward way to get a personalised indication of how much income you could get from your pension with a lifetime or fixed-term annuity.
Our pension annuity calculator provides the UK’s latest annuity rates in real time, direct from top annuity providers including Aviva, Scottish Widows, Legal & General, Standard Life, Canada Life and Just.
Jump To Our Pension Annuity Calculators
In Retirement Line’s free annuities calculator, we use a few pieces of information to work out how much guaranteed retirement income you could expect from your pension savings with an annuity. These include:
The size of your pension pot.
The latest rates offered by annuity providers.
Your age - normally, the older you are, the larger your personal annuity rate
Your approximate retirement date – which could be the same as your State Pension age or any time after age 55.
Your postcode, because living in certain postcode areas can qualify you for more income with an enhanced lifetime annuity.
Move our free sliders to quickly and easily see how annuity income is calculated using two of the above factors (different annuity rates and pension sizes).
We ask for essential information in our online annuity calculator. UK providers are then compared in seconds and we show you the top results. This gives you an indication of how much income you could expect from an annuity.
However, you may be eligible for extra income with an enhanced annuity on account of your medical history, current ailments or the lifestyle choices you have made. This is why we suggest you contact us to arrange a call with one of our Annuity Specialists. They will be able to run through a health and lifestyle questionnaire with you so they can check your eligibility.
Also, you have a number of choices when taking an annuity that will affect how much regular income you receive:
How much of your tax-free cash lump sum allowance you take. You can usually take up to 25% of your pension savings as a one-off lump sum, free of income tax. The more you take, the less your regular annuity income will be.
The type of annuity you choose. You’ll typically receive different income levels with different types of annuities. For example, a lifetime annuity will usually pay less regular income than a fixed-term annuity.
Any annuity options you choose. Choosing features such as annuity death benefits for your loved ones or inflation protection will typically affect how much regular income you receive.
One of our Annuity Specialists will be only too happy to provide more information and quotations for different scenarios. This will help you make an informed decision about your annuity income choices. Call us on 0800 652 1316 to talk to one of our team now, or request a call back at a time that suits you.
Are you just looking into annuities and don’t require a personalised quotation at the moment? Our guide to annuity rates includes a table based on current rates from the leading UK providers.
One option when you have pension savings is to take the full amount as a single lump sum. However, this could mean paying tax because only the first 25% of the lump sum is tax free.
You can use our pension income tax calculator to work out how much income tax you could be liable for if you take all of your pension fund as a lump sum payment.
At Retirement Line, we pride ourselves on providing an impartial annuity service. This includes providing you with a comparison of market leading annuity products and rates from the UK’s leading annuity providers.
For a free, no-obligation comparison of income available from leading providers, try our free pension annuity calculator. If you’d prefer to speak with an Annuity Specialist directly, you can call us on 0800 652 1316 or email us at info@retirementline.co.uk.
Click here for your free, no-obligation annuity quote
Your pension scheme may send you annual statements showing you the present value of your savings with them. Alternatively, you can call your pension scheme and ask for the current value of your pension savings. Many schemes also have a members’ portal where you can find the fund value.
If you have lost contact details of one or more of your pension schemes, there is a free service to help you. You can use the service online at https://www.gov.uk/find-pension-contact-details, where you can also find contact information for the Govt Pension Tracing Service.
Yes, if you are able to estimate the future value of your pension savings you can enter that in the annuities calculator. However, please be aware that if the value of your pension savings is less than expected this will effect the income you receive. Also, remember that annuity rates are constantly changing, and online calculators can only use current rates as the basis for their income projections.
Yes, you don’t have to commit to a lifetime annuity. With a fixed-term annuity, you can take a guaranteed income for a set term, with options available to you when the term ends. For instance, you may be able to buy another annuity, or take your remaining pension savings as a cash lump sum, subject to income tax.
As far as we are aware, the Money Saving Expert site does not include an annuity calculator. But remember, Retirement Line’s annuity calculator uses real-time data from leading UK annuity providers to provide you with results in seconds.
Use our free annuity rates calculator and see how you could get up to 75% more annuity income.
Get your free quote
Use our free pension income tax calculator and see how much income tax you could pay if you take your pension in one lump sum.
How much tax could you pay?
Perfect if you are planning for later in the future, or don't want a personalised calculation yet.
See current rates tableCall for a Free Quote
01733 973 038
Retirement Line Limited is Authorised and Regulated by the Financial Conduct Authority, FCA No. 726601. Retirement Line Limited is registered in England and Wales, registration No. 6976976. Registered Office: 52 Forder Way, Hampton, Peterborough, PE7 8JB
*Equifax Touchstone pension income and annuity sales figures 2018 to 2020. Matrix Financial Solutions Inc annuity sales figures 2021 to 2022.
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