Pension drawdown glossary
Selling some of what has grown and buying more of what has fallen to bring your investments back to the mix you chose. In drawdown it can be combined with taking withdrawals from whatever is over-weight.
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.