Pension drawdown glossary
The risk that poor investment returns early in retirement, while you are also taking withdrawals, cause a pot to run out much sooner than the same returns in a different order would.
Source: MoneyHelper: flexi-access drawdown explained · 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.