This tab is about turning pension pots into income: the 25% tax-free lump sum, flexible drawdown, an annuity, or a blend.
The Pension Income tab is about turning your pension savings into an income once you retire. First, you enter your pension pots in the Your Facts tab under Assets — each with its current value, growth rate, and annual contributions. Then here you decide how to take the money. You can take a twenty-five percent tax-free lump sum, and choose which account to pay it into. You can draw down flexibly, taking what you need each year while the rest stays invested. Or you can buy an annuity for a guaranteed income for life. The tab lets you compare drawdown against an annuity, so you can weigh flexibility against certainty, and a blend slider sets how each year's withdrawal is split between your pensions and your savings — the projection follows whatever split you choose. Anything you do with your lump sum, like spending or gifting it, is modelled on the Events tab.