Pension drawdown glossary
The rules in force since 6 April 2015 that let people aged 55 or over (57 from April 2028) take their defined contribution pension however they choose — as drawdown, lump sums, an annuity or a mix — rather than having to buy an annuity.
Source: MoneyHelper: what can I do with my pension pot? · 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.