Hybrid Pension (DB + DC) Retirement Calculator (UK)

It is a plan that combines defined benefit income, which is normally promised by a scheme, with defined contribution pots whose value and withdrawals can change. The DB pension may cover part of your core spending, while the DC pot, ISA and cash provide flexibility. The calculator shows how those parts meet across different ages rather than treating them as one pot.

Because start dates, inflation rules, tax and survivor benefits can differ. A final salary pension at 60, a career average pension at 67 and a SIPP at 57 each do a different job. Combining them into one total can hide the years when income is missing and make early retirement look safer than it is.

Enter the actual reduced pension offered at your chosen date where possible. Defined benefit pensions are often permanently reduced when taken before Normal Pension Age because they are expected to be paid for longer. The reduction factor varies by scheme and timing, so the official scheme quote should override a generic estimate.

Compare both routes. Taking DB early gives secure income sooner but usually locks in a lower annual amount. Using DC or ISA money first may preserve the full DB pension, but increases early withdrawals and market exposure. Look at lifetime income, tax, survivor benefits and how much flexibility remains, not just the first year’s income.

Defined benefit pensions, State Pension and taxable DC withdrawals normally stack together for Income Tax. ISA withdrawals are normally tax-free. A year that looks efficient before State Pension starts can become more taxable afterwards. Model withdrawals by person and by tax year so you can use allowances sensibly without making tax the only goal.

Usually, subject to your remaining lump sum allowance and scheme rules. Taking cash can fund the bridge or create a reserve, but it also reduces the invested pot available for later. Taking tax-free cash alone will not normally trigger the Money Purchase Annual Allowance, while taking taxable flexible income often will.

Check the scheme booklet or statement for the pension payable after your death. It may be half, another percentage or subject to other scheme rules. Then rerun the household with one State Pension, the survivor pension and spending that is lower but not halved. A plan can look strong for a couple but leave the surviving person short of income.

Not always in full. Increases before and after retirement depend on the scheme rules, service dates and any caps. Enter the scheme’s own increase basis where the calculator allows, or use a cautious assumption after inflation. Do not assume every defined benefit pension fully keeps pace with inflation.

Some private-sector schemes may offer a transfer value, but most unfunded public service schemes do not allow transfers to flexible arrangements. Giving up safeguarded benefits is a major and often irreversible decision, and regulated advice can be compulsory above the statutory threshold. This calculator is for planning income, not endorsing a transfer.

Look for the gaps between income start dates and give each part of the money a clear job. Cash might cover bills in the next year or two. An ISA might fund the early bridge. Defined benefit income could cover the basics, with the defined contribution pot paying for flexible spending. A good plan should make those jobs easy to understand.

Yes. All projections are inflation-adjusted to show real spending power.

Yes. You can run side-by-side scenarios to compare retirement ages, spending levels and assumptions.

No. All calculations run locally in your browser and no personal data is saved.

Yes. A CSV export is available with full year-by-year projections.