Pension drawdown glossary
The costs a fund pays when it buys and sells investments, reported separately from the ongoing charges figure. They are not in our platform cost figures because they depend on the funds you choose.
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.