Pension drawdown glossary
A right in some older pensions to take more than 25% as tax-free cash. It can be lost if you transfer, unless the transfer meets HMRC conditions, so ask your current provider in writing before you move.
Source: MoneyHelper: check for special features before taking or transferring your pension · 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.