Looking for an annuity calculator that doesn’t ask for your personal details? Sometimes you just want a quick estimate of your income - and that’s how this calculator works.
Why not go the next step and look at some personalised quotes from annuity providers?
Get annuity quotesFrom age 55+ (rising to 57+ in 2028) you can access the money you have saved into your pension scheme. One option for turning those savings – your ‘pension pot’ – into income is an annuity.
This calculator is a great first step if you’re looking into an annuity. It gives you an instant estimate of how much guaranteed lifetime income you might be able to achieve. It’s based on your age, the size of your pension savings, and rates available from the UK’s annuity providers.
You don’t need to provide any personal contact details, so you can explore your options privately and at your own pace.
However, for confirmation of how much income you can achieve, we recommend getting in touch with Compare More’s selected annuity partners. Call 0800 063 9770 or request a call back to get personalised quotes based on a more complete picture of your needs and circumstances.
Our annuity calculator gives you an instant estimate of your annuity income, without needing to share lots of personal details upfront:
We start by asking your age: The minimum age is 55 (rising to 58 from April 2027).
Then we ask about your pension savings: If you want to see how much income all of your pension pot could generate, enter your pot total. But as you can typically take up to 25% of your pension pot tax-free before setting up an annuity, you may want to deduct this from your pot total.
The calculator uses our data on current annuity rates to calculate potential lifetime income. This is an estimate, because providers offer everybody a unique annuity rate based on their circumstances.
As well as lifetime annuities that pay a guaranteed income until you pass away, some providers offer fixed-term annuities. These pay guaranteed income for a predetermined term – and let you lock-in a guaranteed lump sum return at the end of the term.
As with most decisions about financial matters, you need to weigh up the pros and cons of an annuity.
When you decide to turn your pension pot into income, you have a number of options. Some of these – including income drawdown – involve keeping your money invested. That works for some people, but not everyone wants the uncertainty of having their pension savings invested.
That’s why you may prefer to turn some or all of your pension pot into guaranteed income with an annuity. This provides certainty that your income won’t be affected by fluctuating interest rates or investment market ups and downs.
Being certain of your income in advance means you can budget with certainty. You can also choose a death benefit option that will continue to pay a loved one guaranteed income after you pass away.
Our calculator estimates income from a lifetime annuity, which blends the benefit of guaranteed income with simplicity:
Guaranteed income for the rest of your life.
Ideal if you don’t want to subject your pension savings to investment risk.
Peace of mind that your money won’t run out.
No need to monitor and manage investment performance.
Although the reassurance of guaranteed income may be attractive, there are potential disadvantages to consider:
Once it’s set up, you typically can’t change a lifetime annuity or opt for a different income product.
Inflation reduces the real value of a level annuity income over time, although you can choose an escalating annuity where your payments increase each year.
By default, a lifetime annuity won’t have death benefits and when you die the income payments stop. However, as mentioned above, you can choose to include death benefits in your annuity.
You won’t benefit from investment growth on your pension fund: with an annuity you swap investment ups and downs for guaranteed income.
Explore your options and find an annuity that works for you.
