Pension drawdown glossary
A workplace pension that pays an income based on your salary and years of membership, such as a final salary or career average scheme. The scheme, not you, carries the investment risk. It cannot be used for drawdown unless it is transferred, which usually means giving up valuable guarantees.
Source: MoneyHelper: transferring your defined benefit pension · 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.