How long your pension lasts depends on its type: a drawdown pot can run out, while an annuity or defined benefit pension pays for life.
That difference matters more than any single number, so this page takes each kind of pension in turn and then looks at how long you may need the money. Pension Wise is government-backed guidance on defined contribution pensions, at no cost, and worth using before you decide. Pots, State Pension and health can all be considered in one call by an FCA-authorised adviser, and a short enquiry form on this page collects the details to start it.
How long will my pension last? It depends on the type
"Pension" covers products that behave very differently once you start taking money from them. Using MoneyHelper's and GOV.UK's descriptions:
| Type of pension | How long it pays | What can shorten it |
|---|---|---|
| Defined contribution pot left invested (drawdown) | Until the money runs out, or you stop taking it | Taking too much, weak investment returns, charges, a long life |
| Lifetime annuity | The rest of your life | Stops at death unless you chose a joint-life, guarantee or value protection option |
| Defined benefit (final salary or career average) | A regular income for life | Scheme rules decide what a partner receives |
| State Pension | A weekly amount, usually paid every four weeks once you claim, not a pot to draw down | Your National Insurance record sets the amount |
The rest of the page covers each in turn. This page covers the UK position. A public-sector scheme, such as the Local Government Pension Scheme or one of the separate Scottish schemes, has its own rules, so check yours with the scheme.
Can a drawdown pension pot run out?
Yes. In pension drawdown the money stays invested and you choose how much to take, which MoneyHelper says means "you need to plan carefully to reduce the risk of running out of money." It gives three examples of how the money might not last: living longer than expected, withdrawing heavily at the start, and not adjusting the amounts if the investments grow less than planned. It also says that "Your retirement income is not guaranteed", because the pot stays invested and its worth moves with the markets until you withdraw it.
Four things set how long a pot lasts:
- The amount you take. A higher withdrawal each year empties the pot sooner. How people choose a level is in how much pension drawdown to take.
- Investment returns. While the pot stays invested its value can rise and fall, so what you can take out may be higher or lower than you expected.
- Charges. A pot's worth depends partly on the charges your provider takes off. Each pound in charges is a pound that cannot be spent, and pension charges explains the common types.
- Inflation. If you raise what you take each year to keep pace with prices, the pot is used faster than if the amount stays fixed.
Drawdown is not a one-way street: a pot that is lasting less well than hoped can later be turned, wholly or partly, into a lifetime income. Annuity or drawdown compares the two, but what an annuity would pay at that point depends on your age, health and the terms then available.
For the mechanics of the option itself, see what pension drawdown is and how it works.
An illustration of how withdrawals use up a pot
The sums below are illustrative, not a forecast or a safe rate. They assume a £100,000 pot, the same amount taken every year, no investment growth, no charges and no inflation, with amounts shown before any tax, so real life will differ.
| Taken each year | Share of the original pot | Years until the pot is used up |
|---|---|---|
| £4,000 | 4% | 25 years |
| £5,000 | 5% | 20 years |
| £8,000 | 8% | 12.5 years |
Working: £100,000 / £4,000 = 25 years; £100,000 / £5,000 = 20 years; £100,000 / £8,000 = 12.5 years. Growth would stretch each figure, while charges and rising withdrawals would shorten it, which is why the MoneyHelper calculator mentioned below is worth running with your own numbers. Your own pot is the real test, so the enquiry form here arranges a call-back from an adviser who can work through it with you, at no charge.
How long might you need your pension to last?
The Office for National Statistics (ONS) publishes projections of how long people are expected to live. In its 2024-based release, published 15 May 2026, it says females aged 65 in the UK in 2024 can expect to live a further 22.7 years on average, and males a further 20.0 years, on a cohort basis that allows for assumed improvements in mortality. By 2049 those figures are projected to be 24.6 and 22.0 years.
These are averages, so plenty of people live well beyond them, and ONS stresses that the figure "does not consider other factors that may affect life expectancy such as lifestyle or health conditions." The ONS life expectancy calculator (last updated 22 July 2026) gives an average and the chance of reaching 100 for your age and sex. Set that against the illustration above: a pot that lasts 20 years from age 65 is gone at age 85, about the average for a man of 65 on these figures, and some people will live longer.
MoneyHelper warns that "many underestimate the length of their retirement". Income that continues for life removes that risk, and the next section covers those pensions.
Pensions paid for life: annuities and defined benefit schemes
A lifetime annuity is bought with some or all of a defined contribution pot and, according to MoneyHelper, gives a guaranteed income for "the rest of your life". It usually stops when you die, unless you choose a joint-life option that pays a portion to a dependant, a guarantee period, or value protection. Whether it keeps up with prices depends on how it is set up: a level annuity stays the same, while an increasing one rises each year, either by a set rate or in line with inflation, sometimes with a cap. Level annuities usually pay more at the start than increasing ones. How the choice works is in what a pension annuity is, and annuity or drawdown sets the two side by side.
What a partner or children would receive after your death depends on the options chosen when an annuity is bought, or on a scheme's own rules. Raise how your own contract or scheme treats a partner with the adviser who rings once your form on this page arrives; that call is free. Rules on inheriting pensions generally are in pension death benefits.
A defined benefit pension, such as a final salary or career average scheme, is different again. MoneyHelper says these provide a regular income for life, usually in monthly payments, based on your salary and how many years you were a member; the scheme's employer must make sure the money is there to pay it. The pension will usually increase every year once it is being paid, and most such schemes go on paying part of it to a surviving spouse, civil partner or dependants; check your scheme's own rules for the detail. The final salary pension guide goes further.
Does the State Pension run out?
The State Pension is not a pot, so there is no balance to use up: MoneyHelper describes it as a weekly amount you can claim from the government at State Pension age. The new State Pension is usually paid into your account every 4 weeks, and it increases each year by whichever is the highest of earnings growth, price growth measured by the Consumer Prices Index, or 2.5%. The full rate for 2026/27 is £241.30 a week, according to DWP guidance on GOV.UK. How much you receive depends on your National Insurance record; your State Pension forecast shows what you are on course for.
It is usually only part of the picture, because whether it covers your spending is a separate question that can you live on the State Pension takes up. The State Pension guide covers eligibility and claiming.
Putting the pieces together
Many people hold more than one kind. A reader might have a State Pension, a workplace defined benefit income and a defined contribution pot, and only the pot can run out. One thing to weigh is how much of your spending the guaranteed income covers, because the drawdown pot then only has to fund the rest. Spending needs are in how much pension you need.
To estimate how long a drawdown income might last, MoneyHelper's drawdown guide has a calculator for exactly that. For a forecast of what your existing pensions may pay, see getting a pension forecast, and for the wider choice of tools, which pension calculator to use. All of them rest on assumptions about returns, charges and inflation, so treat the answer as a range.
If you have no pension at all, what happens if you do not have a pension sets out the options.
More on how long pensions last
Does a pension last a lifetime?
Some do and some do not. A lifetime annuity and a defined benefit pension pay for life, the State Pension is a weekly amount from the government, and a drawdown pot lasts only as long as the money in it. The table near the top of the page sets out the difference.
How long does a personal pension last?
A personal pension is a defined contribution pot, so it lasts as long as the money does. MoneyHelper says you can usually leave it invested and take what you choose, or use it to buy an annuity that pays for life. The defined contribution options at retirement are set out in a separate guide.
Can you lose your pension after you retire?
A drawdown pot can shrink, because its value can rise and fall while it stays invested. A defined benefit pension is different: MoneyHelper says you get "a regular income for life even if the investments perform badly". A lifetime annuity also pays a guaranteed income for life; ask your provider or scheme what protection applies if it gets into difficulty.
How do I find out how long my own pension will last?
Start with your pension statements and your State Pension forecast, then try the MoneyHelper calculator with your own pot. Planning for retirement covers the order to work in, and Pension Wise offers free appointments if you hold a defined contribution pension based in the UK and are 50 or older; under-50s can qualify in some cases, for instance when ill health means taking a pension early. Keep your statements to hand for a free call-back too, where an FCA-authorised adviser looks at how long your own pots might last, a talk you can set up using the brief form on this page.
Sources: MoneyHelper, pension drawdown explained (archived copy, 30 June 2026); MoneyHelper, buy an annuity for a guaranteed pension income (archived copy, 13 September 2026); MoneyHelper, defined benefit pensions (archived copy, 26 July 2026); ONS, Past and projected period and cohort life tables; DWP guidance on the amount of new State Pension; DWP guidance on payment dates; MoneyHelper, get a free Pension Wise appointment (archived copy, 4 August 2026). Accessed 29 October 2026.