Drawdown or one lump sum?

With a drawdown plan you take an amount now and leave the rest in a reserve, taking it later only when you need it. You only pay interest on money once it has left the reserve, so the interest clock starts later on the part you delay. This tool shows roughly how much interest that delay saves, compared with taking the whole amount as one lump sum today.

Total you will need (£)

How much you need now (£)

Years until you need the rest

Total years on the plan

Interest rate (% per year)