Pension drawdown glossary
An older form of drawdown with a limit on how much income you can take each year. No new capped drawdown plans could be started after 5 April 2015; existing ones can continue or be converted to flexi-access drawdown.
Source: MoneyHelper: capped 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.