Drawdown vs. annuity: Potential income per year from £1,000,0001

Example: 'Average' Hertfordshire couple, both aged 65, with £1,000,000 in pension assets. Assumptions: Joint-life annuity (50% paid to spouse), minimum 5-year payment period, with payments increasing 3% per year; drawdown account fully depleted by assumed age of death; 4% net investment return.

1. In today's monetary value