Pension drawdown glossary
A personal pension that lets you choose your own investments from a wide range, such as funds, ETFs, shares and investment trusts. Most SIPPs offer flexi-access drawdown.
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.