Pension drawdown glossary
Pension benefits other than money purchase or cash balance benefits, such as a defined benefit pension or a guaranteed annuity rate. The law requires you to take regulated independent advice before transferring or converting safeguarded benefits worth more than £30,000 into flexible benefits.
Source: GOV.UK (DWP): pension benefits with a guarantee and the advice requirement · 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.