Pension drawdown glossary
A diversified set of investments chosen and managed for you, usually matched to a level of risk. Many platforms offer them for people who do not want to pick their own funds; the portfolio has its own charge on top of the platform fee unless the price is all-in.
Source: MoneyHelper: pensions glossary · 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.