Pension drawdown glossary
The point at which you start taking benefits from part or all of your pension — for example by moving it into drawdown or buying an annuity. It is usually when tax-free cash is taken.
Source: MoneyHelper: pensions glossary · 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.