Retirement Options Modeller
Please enter the current fund of your Personal Account.
Current Personal Account value
Lump sum and annuity
Use the slider below to select the proportion of your Personal Account to take as a tax-free cash lump sum.
25%
Maximum tax-free cash lump sum
Remaining Personal Account to purchase an annuity
Uncrystallised Funds Pension Lump Sum (UFPLS)
Use the slider below to select the proportion of your Personal Account to take as an UFPLS.
If you take less than 100% of your Personal Account as an UFPLS, you will be required to transfer the remainder to another approved pension arrangement.
100%
If you are a basic rate tax payer
If you are a higher rate tax payer
Flexi-access drawdown
Use the slider below to select the proportion of your Personal Account you wish to drawdown.
To take advantage of flexi-access drawdown you will need to transfer your Personal Account to a suitable drawdown arrangement.
50%
If you are a basic rate tax payer
If you are a higher rate tax payer
Uncrystalised Funds Pension Lump Sum (UFPLS)
If you are a basic tax rate payer
Amount of UFPLS requested
Percentage of Personal Account to be taken as an UFPLS
Tax-free element of UFPLS (25%)
Amount of UFPLS taxed at marginal rate
Net UFPLS
Amount of tax to pay
If you are a higher rate tax rate payer
Amount of UFPLS requested
Percentage of Personal Account to be taken as an UFPLS
Tax-free element of UFPLS (25%)
Amount of UFPLS taxed at marginal rate
Net UFPLS
Amount of tax to pay
Flexi-access drawdown
Amount of Gross drawdown payment
Tax-free element of drawdown payment
Residual amount of drawdown payment subject to tax
If you are a basic tax rate payer
Net drawdown
Amount of tax payable
Residual Personal Account for future drawdown
Example of future options:
A) Residual Personal Account available to purchase an annuity
B) Assumes 3 equal future drawdown payments
(to be taken at your discretion)
Gross drawdown amount
Marginal rate of tax
Amount of tax payable
Net drawdown payment
If you are a higher tax rate payer
Net drawdown
Amount of tax payable
Residual Personal Account for future drawdown
Example of future options:
A) Residual Personal Account available to purchase an annuity
B) Assumes 3 equal future drawdown payments
(to be taken at your discretion)
Gross drawdown amount
Marginal rate of tax
Amount of tax payable
Net drawdown payment
Click the buttons below for explanations of each option.
Cash and Annuity
This is often regarded as the traditional retirement choice that most people are familiar with.
Under this option you have the choice to either:
- Utilise your Personal Account to provide an annuity; or
- Elect to withdraw up to 25% of the value of your Personal Account as a cash lump sum (often tax-free) and then purchase an annuity with the remaining Personal Account.
When choosing an annuity many options can be available to you. Common choices available may be whether you wish your annuity to increase in payment or whether you might like your annuity to provide an income for a loved one in the event of your death
This option is usually suitable for members who are looking for a guaranteed income during retirement but may also be looking to receive a tax-free cash lump sum.
UFPLS
You can now take your entire Personal Account as a cash lump sum. This is called an Uncrystallised Funds Pension Lump Sum or UFPLS.
Normally 25% of the cash lump sum will be tax-free with the remained taxed as income.
You are not required under legislation to take your entire Personal Account as an UFPLS. However, under the Scheme Rules, if you only take a proportion of your Personal Account as a cash lump sum, the remainder will need to be transferred to another registered pension scheme or used to purchase an annuity.
An UFPLS could be suitable for those who wish to take the whole of their Personal Account as a cash lump sum.
Flexi-access drawdown
Drawdown is an arrangement that allows you to access a series of lump sums at a time suitable to you whilst keeping your funds invested.
To take advantage of flexi-access drawdown you will need to transfer your Personal Account to a suitable drawdown arrangement.
Drawdown could be suitable for those who wish to use their Personal Account to provide a series of lump sums during their retirement as opposed to a regular income.
The Trustee is not able to provide financial advice and would recommend that you seek independent financial advice. lf you do not have a financial adviser, details of those near to you can be found at register.fca.org.uk.