Pension drawdown glossary
A pooled investment, such as a unit trust or OEIC, that spreads your money across many shares, bonds or other assets and is run by a fund manager or tracks an index. Each fund has its own ongoing charge on top of the platform fee.
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.