Pension drawdown glossary
A free, independent service that deals with complaints about how a pension scheme is run, such as delays or errors in paying benefits or making a transfer.
Source: The Pensions Ombudsman · 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.