Pension drawdown glossary
Moving your pension into drawdown in stages rather than all at once, taking a slice of tax-free cash each time. It can spread tax-free cash across several years.
Source: MoneyHelper: phased or partial drawdown · 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.