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Retirement planner

Retirement Planner


A simple way to plan for your retirement
using a mix & match approach
Important: The information on our website is not personal advice but we can offer advice if specifically requested. What you do with your pension is an important decision, which could be irreversible. Drawdown is more complex than an annuity. Make sure you understand your options and check they are suitable for your circumstances: take appropriate advice or guidance if you are unsure. The Government's free Pension Wise service can help. It provides impartial guidance face-to-face, online or by phone - more on Pension Wise.

What is the Retirement Planner?

Our interactive tool shows the income you could receive by blending secure and variable income. It helps you see how you could choose a mixture of retirement options to match your needs.

How to create your plan

Enter your details and choose how much secure and flexible income you want to receive. The Retirement Planner then uses best buy annuity rates to give you an idea of how much of your pension might be needed to purchase the secure income. It also predicts how long your flexible income could last based on assumptions you can change.

You can adjust the amount of secure and variable income you want to find a plan that works for you.

Once you’re happy with your choices you can get guaranteed annuity rates from across the market and confirm your drawdown details to receive your free personalised drawdown illustration.

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Why mix and match your retirement options?

A mix and match approach could help you find the right balance between secure and flexible income.

Annuities provide a secure income that will continue to be paid for the rest of your life. You can choose for the income to continue to your spouse or partner after you die so you know they are taken care of. However, an annuity does not provide flexibility - once set up it usually cannot be amended.

Drawdown offers a more flexible option that allows you to amend your income when needed. It also gives the potential for an increasing income depending on how your investments perform. It is a higher risk option than an annuity because your income is not guaranteed. You could run out of money if your investments perform badly, you take too much out or you live longer than expected.

Having some secure income from an annuity could provide the security you need, whilst the flexibility of drawdown could be used to cover a change in circumstances.

Client case study: using a mix of secure and flexible income

Mr Needham

from Cheshire

I'm happy I took a mix-and-match approach because it gives me the best of both worlds – secure income with my annuity and variable income with flexibility and a chance of some investment returns from drawdown.

Read on +

Important considerations

  • Ensure you fully understand your options. Drawdown in the Vantage SIPP is offered without advice as standard. Due to the high risk and complexity, if you are at all uncertain, we strongly recommend you contact us for financial advice. You should carefully consider your overall financial circumstances and other retirement goals or plans when making your decision.
  • Consider the charges you might pay. Most investments carry charges, and the income you ultimately receive depends on the returns from investments, less any charges. Therefore it is important you consider the charges of your drawdown plan and associated investments, as well as the charges for any of the other options you are considering. See the charges of the Vantage SIPP ».
  • If you are married or have a partner, you should strongly consider making provision for them in your plans, so they receive an income if you die first.
  • Check you won't lose out by transferring. Before applying for your annuity or drawdown plan, check the rate offered by your existing provider to make sure you are better off and won't lose any guarantees by moving to a different provider. By moving, you will lose any entitlement to these.
  • Hargreaves Lansdown is regulated by the FCA. We are covered by the Financial Services Compensation Scheme (FSCS) and the Financial Ombudsman Service (FOS). You may be entitled to compensation from the FSCS if Hargreaves Lansdown or your annuity provider cannot meet their obligations. This will depend on the circumstances of your claim. In addition, if you are unhappy with the service we have provided, you can register a complaint by contacting us. If you are not satisfied by our final response, the FOS may be able to help you. Again, this will depend on the circumstances of your claim.

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What our clients say

  • A simple easily attainable tool to help you plan.

    Mr P Jones, Bristol

  • Great use of technology.

    Mr Slingsby, London

  • Much clearer and easier to understand than any other provider.

    Mr Cheesman, Sussex

Have a question?

0117 980 9940