Pension drawdown glossary
Free, impartial guidance from MoneyHelper, backed by the government, about your options for taking a defined contribution pension. It is for people aged 50 or over, by phone or face to face. It is guidance, not advice.
Source: MoneyHelper: Pension Wise · 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.