£1,000,000 annuity calculator: compare income and contract options.

A £1,000,000 pension pot can create high taxable pension income if the whole pot is exchanged for an annuity. It can also raise questions about lump sum allowances, death benefits, other taxable income and whether any income is needed immediately. Full annuitisation, partial annuitisation, phased drawdown and tax-free cash all create different outcomes, so personalised regulated advice may be useful at this level.