What will you need?

For a moderate lifestyle (where you could have a foreign holiday each year and eat out a few times each month, for example) you'd probably need a retirement income of £31,300 after tax per year or £43,100 for a couple.

To work out what you might need, use our Retirement living standards tool:

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What will you have when you retire?

Check what value your Legal & General pensions might be worth when you retire. You can find this in the Pension Maturity Pack you’ve received or in your latest Pension benefit statement, online in your account.

 

 

Explore your options with our retirement income calculator

If you're thinking about using your pension savings, our simple calculator gives a quick estimate of what you could receive with each of your options.

Deciding how to use your pension savings is an important decision. There are different retirement income products to choose from and the rates they offer can vary. Shop around to make sure you get the best solution for you.

 

I plan to retire at years old and will have saved in my pension savings

Results

Total pension pot
£100,000
Tax-free cash 25%
£25,000
Remaining pension pot
£75,000

These examples give you an idea of the income our retirement products might provide. They assume you take the maximum 25% tax-free cash sum available but you can choose to take less. The annual result is made up of 12 equal monthly payments. The results are examples only and aren't advice. The actual income you can get will depend on your individual circumstances.

A guaranteed income for the rest of your life

Pension Annuity

£3,096
a year
for the rest of your life
  • Can pay a higher income if you have health conditions or lifestyle risks.
  • Can provide an income for your spouse, civil partner or beneficiary after you die.
  • Can’t change your options once the plan has started.

The figure above shows the gross income before any tax is deducted.  We've assumed you're in perfect health, your postcode may impact any subsequent quote. For a personalised quote, click ' Quote & apply'.

A guaranteed income for a set period and lump sum at the end

Fixed Term Retirement Plan

£7,116
a year for
select end lump sum of
  • You decide the amount of income and lump sum.
  • Option to make withdrawals from lump sum or cash in whole plan.
  • Higher income not available for health conditions and lifestyle risks.

The figures above show the gross income and lump sum before any tax is deducted. You are able to change the term and lump sum selected above.

A guaranteed income for a set period

Cash-Out Retirement Plan

£7,116
a year
for
  • You decide the amount of income and how long it's paid.
  • Option to cash in whole plan.
  • Higher income not available for health conditions and lifestyle risks.

The figure above shows the gross income before any tax is deducted. You are able to change the term selected above.

A flexible income

Personal Pension Drawdown

Annual income
Investment return
  • You decide the amount of income and when it’s paid
  • The value of your pension can go up or down and you could get back less than you paid in
  • Income isn't guaranteed, you could run out of money

The 'Annual income' figure shows the amount before any tax has been deducted. You can change it using the drop-down – the more you take, the less time your money will last. You can see the effect of three different rates of return on the size of your pot by using the 'Investment return' drop-down.

Take it all as cash

The total cash payment shown below includes the 25% tax-free amount

£67,968
Total cash payment after tax.
£42,969
Tax that will be due
  • Take whole pension pot in one go.
  • You could pay more tax than other options.
  • Money might not last as long as you need.

Mix your options

You don’t need to choose just one type of income product

You can combine some or all of them, either at the same time or one after the other, to meet your changing needs now and in the future. For example, using your pension pot to buy a flexible income, as well as a guaranteed income.

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Ready to find out more about your options?

From comparing products to understanding how much tax-free cash you can take or deciding not to take any action at all, there’s more information about your options, including benefits and considerations of each, here:

Are your details up to date?

It's important to keep your details up to date - including your planned retirement age. You can do this online in your account, by logging and clicking on your pension details.

Need some help?

There are different retirement income products to choose from and the rates they offer can vary. Shop around to make sure you get the best deal for your situation and use available guidance and advice services before you apply. Other providers may have more appropriate products or be able to offer you a higher level of retirement income.

 

Retirement guidance

Pension Wise from MoneyHelper

You can get guidance from the government's free and impartial service to help make your money and pension choices clearer.

The availability of appointments can vary between a few days and several weeks, so if you need guidance, it's a good idea to book an appointment slot now:

0800 100 166
8am to 6.30pm, Monday to Friday.
Calls may be recorded and monitored.

Send us a secure message

If you have any questions, you can send a secure message through your account. Use the link below to log in.

Get financial advice

 

Financial advisers can give you professional advice for pension planning.

You usually need to pay for their service and in return they recommend how to make the most of your pension given your circumstances.

To find and compare financial advisers please visit their website below.

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