Get your drawdown options
Pension drawdown offers flexibility and control over how you use your retirement savings. Instead of locking all your money into a fixed annuity, drawdown lets you decide how and when to take income, while keeping the rest invested. Here are some of the key benefits:
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Choose how much you take and when, rather than being locked into a fixed amount.
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Take up to 25% of your pot tax-free, and structure withdrawals to manage your tax bill.
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Keep your money invested giving your pension pot has the chance to grow, even after you start taking an income.
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Any money left in your pension can usually be passed on to your beneficiaries, often tax-efficiently.*
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Is pension drawdown right for you?
Pension drawdown could be a good choice if you want flexibility and control over your retirement income, rather than being locked into a fixed product. It’s especially valuable if you’d like the freedom to adjust your withdrawals as your needs change.
Drawdown may suit people who:
- Prefer flexibility and control over a guaranteed fixed income
- Want their pension savings to stay invested, with the chance for growth
- Would like to pass on any remaining pot to their family, often tax-efficiently
- Are comfortable with some investment risk and reviewing their plan regularly
But drawdown isn’t right for everyone. Your income isn’t guaranteed, and your pot could run out if investments underperform or you withdraw too much. It also requires ongoing management to keep your plan on track. That’s why speaking to an FCA-regulated adviser is so important as they can help you decide whether drawdown, an annuity, or a combination of both is the best fit for your retirement.
Things to consider
- Your income isn’t guaranteed
Unlike an annuity, your pot could run out if markets fall or you withdraw too much. - Investment risk
Your money stays invested, so values can go up or down. - Ongoing management
Drawdown needs regular reviews to make sure your plan stays on track. - Inflation impact
Withdrawals may need adjusting to keep pace with rising costs.
Why expert advice on drawdown matters
An FCA-regulated adviser can help you:
- Avoid running out of money too soon by creating a sustainable withdrawal strategy based on your pot size, lifestyle needs, and life expectancy.
- Withdraw income in the most tax-efficient way helping you use your 25% tax-free cash wisely and structure withdrawals to minimise tax bills.
- Balance drawdown with annuities for security combining flexible access with the certainty of guaranteed income for essentials.
- Protect your pension savings for your family ensuring your remaining pot can be passed on tax-efficiently, so more goes to your loved ones.
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Why use our service?
Making decisions about your pension is important, and getting the right advice can make all the difference. Our service connects you with trusted, FCA-regulated advisers who are ready to help you navigate your pension choices.
- Free and impartial - There’s no charge for using our service — we’ll match you with a qualified adviser at no cost to you.
- Quick and convenient - It takes less than a minute to be matched with an adviser who understands your needs.
- Advisers near you - Our nationwide network means you’ll be connected with someone local, so you can choose how and when to speak.
Our expert adviser network
All of the advisers we work with are FCA-authorised and regulated.
Frequently asked questions
Pension drawdown (also called flexi-access drawdown) lets you keep your pension invested while taking income when you need it. Unlike an annuity, your income isn’t fixed so you choose how much to withdraw.
Yes. In most cases, you can take up to 25% of your pension pot tax-free before moving the rest into drawdown.
Yes, if you withdraw too much too quickly or if investments don’t perform well. That’s why advice and regular reviews are so important.
Any money left in your drawdown pot can usually be passed on to your beneficiaries, often in a tax-efficient way.
It depends on your circumstances. Drawdown gives you flexibility and growth potential, but your income isn’t guaranteed. Annuities provide certainty but less flexibility. Many people use a mix of both.
While it’s not always legally required, it’s strongly recommended. An FCA-regulated adviser can help you avoid paying unnecessary tax, create a sustainable withdrawal plan, and decide whether drawdown, annuity, or a combination works best for you.
* Rule changes in 2027 mean other gifting strategies may be worth considering with professional advice.
[2] According to research conducted by Royal London and ILC
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