Pension drawdown glossary
Drawdown taken by a dependant — for example a spouse, civil partner or child under 23 — from pension funds they inherit. They can take income flexibly from it, buy an annuity or, depending on the scheme, take a lump sum.
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.