Pension drawdown glossary
When someone who inherits your pension keeps it invested and takes money from it as and when they need to, rather than taking it all as a lump sum. Not every provider offers it, so it is worth checking if leaving your pension to family matters to you.
Source: HMRC Pensions Tax Manual PTM072430: beneficiary's flexi-access drawdown · Last reviewed 24 September 2026
See every term in the A–Z glossary. Definitions are general information for the 2026/27 tax year, not personal advice.
Important: The value of investments can fall as well as rise. You may get back less than you invest. Tax rules can change and benefits depend on individual circumstances. This is not financial advice.