How much income will a £500,000 pension pot give me?

About £1,711 a month (£20,532 a year) from 67 to 95, rising with inflation, before tax. That assumes 4% investment growth, 0.5% fees and 2.5% inflation, and that the pot runs down to zero at 95. The State Pension would come on top.

Taking 25% (£125,000) as cash leaves £375,000 to draw from, which could pay about £1,283 a month on the same assumptions. You could also take the tax-free amount bit by bit, so that a quarter of each withdrawal is tax-free.

It depends how much you take. To make it last to 90 you could take about £2,032 a month; to 100, about £1,487 a month (rising with inflation). Starting at 60 instead of 67 and lasting to 95 gives about £1,416 a month.

A rule of thumb that taking 4% of your pot a year has historically tended to last around 30 years. On £500,000 that's £20,000 a year, or about £1,667 a month. It isn't guaranteed, and some suggest a lower rate for long UK retirements.

If your income doesn't rise with inflation, you could start higher, at about £2,329 a month, but it would buy less each year as prices rise.

Yes. Apart from the 25% tax-free part, pension withdrawals are taxed as income, together with your State Pension and any other income. The figures here are before tax. An annuity is an alternative that turns some or all of your pot into a guaranteed income for life.