Pension drawdown glossary
A form showing your tax code and the pay and tax to date in the current tax year. If you give your pension provider a P45 from the same tax year before your first withdrawal, it can use that code instead of an emergency code. Providers also issue one when a pension is paid out in full.
Source: HMRC PAYE Manual PAYE94055: flexibly accessed pension payments · 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.