# Compare Drawdown: full reference > Independent UK pension drawdown comparison. Compare the published charges of 20 UK DIY (non-advised) drawdown platforms, plus 24 adviser platforms and products. Operated by Arthur Browns Wealth Management Ltd, authorised and regulated by the Financial Conduct Authority (FCA No. 825843). Comparison information only, not personal financial advice. Generated 12 October 2026 (2026-10-12) from the site's data files at build time. Every fee below is the provider's own published charge, as recorded in our comparison data on the date shown. ## How the comparison works - Methodology: https://comparedrawdown.co.uk/how-we-compare - The DIY ranking uses each platform's published yearly charges for a pot in drawdown. Fund charges (OCF) are excluded unless a provider bundles them, and are flagged where they are included. - Charges for how you take money out (regular income, one-off withdrawals, UFPLS) are shown separately; "not published" means the provider does not publish that charge or we have not confirmed it. ## UK Pension Drawdown Cost Index - Edition: September 2026 (dated 23 September 2026), 20 DIY providers. - At £250,000: yearly charges run from £0 (InvestEngine) to £1,350 (Penfold), a spread of £1,350; median £562.50. - Like for like (platform-only charges, leaving out 3 providers whose figure bundles fund charges or investment management; 17 providers) at £250,000: spread £1,125 (£0 to £1,125); median £430.68. - Page: https://comparedrawdown.co.uk/drawdown-cost-index - Data (Creative Commons Attribution 4.0 International (CC BY 4.0)): https://comparedrawdown.co.uk/data/drawdown-cost-index.csv and https://comparedrawdown.co.uk/data/drawdown-cost-index.json - Cite as: Compare Drawdown, UK Pension Drawdown Cost Index, September 2026. https://comparedrawdown.co.uk/drawdown-cost-index Yearly charges by pot size, all 20 DIY providers: - £100,000: lowest £0 (InvestEngine), highest £750 (Penfold), median £350. - £250,000: lowest £0 (InvestEngine), highest £1,350 (Penfold), median £562.50. - £500,000: lowest £0 (InvestEngine), highest £2,350 (Penfold), median £767.50. ## DIY drawdown providers (20) ### Vanguard - Page: https://comparedrawdown.co.uk/provider/vanguard - Review: https://comparedrawdown.co.uk/provider/vanguard/review - Against the market: https://comparedrawdown.co.uk/compare/vanguard - Summary: Vanguard pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - Platform fee: 0.15% flat fee (capped at £375 annually; minimum £48 a year, £4 a month, below £32,000) - Yearly platform cost in our comparison: £150 at £100,000, £375 at £250,000, £375 at £500,000 (Platform fee only — fund charges extra; includes any fixed yearly drawdown admin fee). - Drawdown charges: extra charge for regular income, beyond the yearly cost above: £0; ad-hoc withdrawal £0; UFPLS £0; transfer out £0. - Dealing: funds £0; shares and ETFs £0 per online deal. - Platform fee checked 23 September 2026; drawdown charges checked 23 September 2026. - Sources: Fees and charges (https://www.vanguardinvestor.co.uk/what-we-offer/fees-explained); Minimum account fee (https://www.vanguardinvestor.co.uk/need-help/answer/will-i-pay-min-account-fee); UFPLS (https://www.vanguardinvestor.co.uk/investing-explained/individual-lump-sums); Interest on cash (https://www.vanguardinvestor.co.uk/need-help/answer/will-i-receive-interest-on-cash-held-in-my-account); Minimum transfer (https://www.vanguardinvestor.co.uk/need-help/answer/is-there-a-minimum-balance-requirement-to-transfer-my-pension-to-vanguard) ### Interactive Investor - Page: https://comparedrawdown.co.uk/provider/interactive-investor - Review: https://comparedrawdown.co.uk/provider/interactive-investor/review - Against the market: https://comparedrawdown.co.uk/compare/interactive-investor - Summary: Interactive Investor pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - Platform fee: SIPP: Core £5.99/mo (£71.88/yr, pots up to £100k); Plus £14.99/mo (£179.88/yr); Premium £39.99/mo (£479.88/yr). Each price already includes the pension admin fee (£2.50/mo on Core, £6/mo on Plus and Premium) - Yearly platform cost in our comparison: £71.88 at £100,000, £179.88 at £250,000, £179.88 at £500,000 (Platform fee only — fund charges extra; includes any fixed yearly drawdown admin fee). - Drawdown charges: extra charge for regular income, beyond the yearly cost above: £0; ad-hoc withdrawal £0; UFPLS £0; transfer out £0. - Dealing: funds £3.99; shares and ETFs £3.99 per online deal. - Platform fee checked 23 September 2026; drawdown charges checked 23 September 2026. - Sources: SIPP charges (https://www.ii.co.uk/ii-accounts/sipp/sipp-charges); New price plans announcement (https://www.ii.co.uk/analysis-commentary/interactive-investor-launches-new-price-plans-ii537493); Price plan comparison (https://www.ii.co.uk/help/fees-and-charges/our-fees/price-plan-comparison); Income drawdown (https://www.ii.co.uk/ii-accounts/sipp/income-drawdown); UFPLS (https://www.ii.co.uk/ii-accounts/sipp/ufpls); Drawdown death benefits (https://www.ii.co.uk/pensions/drawdown/income-drawdown-death-benefits) ### AJ Bell Youinvest - Page: https://comparedrawdown.co.uk/provider/aj-bell - Review: https://comparedrawdown.co.uk/provider/aj-bell/review - Against the market: https://comparedrawdown.co.uk/compare/aj-bell - Summary: AJ Bell Youinvest pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - Platform fee: 0.25% to £250k, 0.10% £250k–£500k, 0% over £500k (shares & ETFs capped at £10/month) - Yearly platform cost in our comparison: £250 at £100,000, £625 at £250,000, £875 at £500,000 (Platform fee only — fund charges extra; includes any fixed yearly drawdown admin fee). - Drawdown charges: extra charge for regular income, beyond the yearly cost above: £0; ad-hoc withdrawal £0; UFPLS £0; transfer out £0. - Dealing: funds £1.50; shares and ETFs £5 per online deal. - Platform fee checked 23 September 2026; drawdown charges checked 23 September 2026. - Sources: SIPP charges page (https://www.ajbell.co.uk/pensions/sipp/charges); SIPP charges PDF (10 July 2026) (https://www.ajbell.co.uk/sites/ajbell/files/SIPP_charges.pdf); Share dealing charges (https://www.ajbell.co.uk/dealing-account/charges); Interest rates on cash (https://www.ajbell.co.uk/charges/interest-rates) ### Hargreaves Lansdown - Page: https://comparedrawdown.co.uk/provider/hargreaves-lansdown - Review: https://comparedrawdown.co.uk/provider/hargreaves-lansdown/review - Against the market: https://comparedrawdown.co.uk/compare/hargreaves-lansdown - Summary: Hargreaves Lansdown pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - Platform fee: 0.35% first £250k, 0.25% £250k-£1m, 0.10% £1m-£2m, 0% over £2m (£150 annual cap for shares) - Yearly platform cost in our comparison: £350 at £100,000, £875 at £250,000, £1,500 at £500,000 (Platform fee only — fund charges extra; includes any fixed yearly drawdown admin fee). - Drawdown charges: extra charge for regular income, beyond the yearly cost above: £0; ad-hoc withdrawal £0; UFPLS £0; transfer out £0. - Dealing: funds £1.95; shares and ETFs £6.95 per online deal. - Platform fee checked 23 September 2026; drawdown charges checked 23 September 2026. - Sources: SIPP charges and interest rates (https://www.hl.co.uk/pensions/sipp/charges-and-interest-rates); Drawdown charges (https://www.hl.co.uk/retirement/drawdown/charges-interest-rates); Share dealing charges (https://www.hl.co.uk/shares/share-dealing/dealing-charges); Updated HL charges (https://www.hl.co.uk/accounts/fee-changes) ### Fidelity Personal Investing - Page: https://comparedrawdown.co.uk/provider/fidelity - Review: https://comparedrawdown.co.uk/provider/fidelity/review - Against the market: https://comparedrawdown.co.uk/compare/fidelity - Summary: Fidelity Personal Investing pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - Platform fee: 0.35% up to £250k, 0.20% over £250k (minimum £90 a year) - Yearly platform cost in our comparison: £350 at £100,000, £500 at £250,000, £1,000 at £500,000 (Platform fee only — fund charges extra; includes any fixed yearly drawdown admin fee). - Drawdown charges: extra charge for regular income, beyond the yearly cost above: £0; ad-hoc withdrawal £0; UFPLS £0; transfer out £0. - Dealing: funds £0; shares and ETFs £7.50 per online deal. - Platform fee checked 23 September 2026; drawdown charges checked 23 September 2026. - Sources: Fees and charges (https://www.fidelity.co.uk/services/charges-fees/); Charges for drawdown (https://help.fidelity.co.uk/site/our-charges/charges-for-drawdown); SIPP (https://www.fidelity.co.uk/services/sipp/) ### Bestinvest - Page: https://comparedrawdown.co.uk/provider/bestinvest - Review: https://comparedrawdown.co.uk/provider/bestinvest/review - Against the market: https://comparedrawdown.co.uk/compare/bestinvest - Summary: Bestinvest pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - Platform fee: 0.40% up to £250k, 0.20% £250k-£500k, 0.10% £500k-£1m, 0% over £1m (minimum £120 a year, £10 a month) - Yearly platform cost in our comparison: £400 at £100,000, £1,000 at £250,000, £1,500 at £500,000 (Platform fee only — fund charges extra; includes any fixed yearly drawdown admin fee). - Drawdown charges: extra charge for regular income, beyond the yearly cost above: £0; ad-hoc withdrawal £0; UFPLS not published; transfer out not published. - Dealing: funds £0; shares and ETFs £4.95 per online deal. - Platform fee checked 23 September 2026; drawdown charges checked 23 September 2026. - Sources: Low-cost SIPP charges (https://www.bestinvest.co.uk/sipps/low-cost-sipp-charges); Dealing fees (https://www.bestinvest.co.uk/accounts/fees/dealing-fees); Income drawdown charges (https://www.bestinvest.co.uk/pensions-and-retirement/income-drawdown/income-drawdown-charges) ### Charles Stanley Direct - Page: https://comparedrawdown.co.uk/provider/charles-stanley-direct - Review: https://comparedrawdown.co.uk/provider/charles-stanley-direct/review - Against the market: https://comparedrawdown.co.uk/compare/charles-stanley-direct - Summary: Charles Stanley Direct pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - Platform fee: 0.30% flat platform charge (minimum £60, capped at £600 a year); SIPP admin £100+VAT (waived over £30k); drawdown payroll £50+VAT a year; £25+VAT per ad-hoc withdrawal - Yearly platform cost in our comparison: £360 at £100,000, £660 at £250,000, £660 at £500,000 (Platform fee only — fund charges extra; includes any fixed yearly drawdown admin fee). - Drawdown charges: extra charge for regular income, beyond the yearly cost above: £0; ad-hoc withdrawal £30; UFPLS not published; transfer out £150. - Dealing: funds £4; shares and ETFs £10 per online deal. - Platform fee checked 23 September 2026; drawdown charges checked 23 September 2026. - Sources: SIPP drawdown charges explained (PDF) (https://cdn.charles-stanley-direct.co.uk/sites/default/files/img/documents/sipp_drawdown_charges_explained_0.pdf); Online Investing rates and charges (https://www.charles-stanley.co.uk/services/invest/diy/online-investing/rates-and-charges) ### PensionBee - Page: https://comparedrawdown.co.uk/provider/pensionbee - Review: https://comparedrawdown.co.uk/provider/pensionbee/review - Against the market: https://comparedrawdown.co.uk/compare/pensionbee - Summary: PensionBee pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - Platform fee: 0.50%–0.95% depending on plan, halved on the portion over £100k (≈0.70% on a typical plan) - Yearly platform cost in our comparison: £700 at £100,000, £1,225 at £250,000, £2,100 at £500,000 (Includes fund charges; includes any fixed yearly drawdown admin fee). - Drawdown charges: extra charge for regular income, beyond the yearly cost above: £0; ad-hoc withdrawal £0; UFPLS not published; transfer out £0. - Dealing: funds £0; shares and ETFs not published per online deal. - Platform fee checked 23 September 2026; drawdown charges checked 24 September 2026. - Sources: Fees (https://www.pensionbee.com/uk/fees); Income drawdown charges (https://www.pensionbee.com/uk/pensions-explained/pension-withdrawal/income-drawdown-charges); Regular withdrawals (https://www.pensionbee.com/uk/blog/announcing-regular-withdrawals) ### Aviva - Page: https://comparedrawdown.co.uk/provider/aviva - Review: https://comparedrawdown.co.uk/provider/aviva/review - Against the market: https://comparedrawdown.co.uk/compare/aviva - Summary: Aviva pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - Platform fee: 0.35% a year on the first £500,000, with no charge above £500,000 (drawdown included) - Yearly platform cost in our comparison: £350 at £100,000, £875 at £250,000, £1,750 at £500,000 (Platform fee only — fund charges extra; includes any fixed yearly drawdown admin fee). - Drawdown charges: extra charge for regular income, beyond the yearly cost above: £0; ad-hoc withdrawal £0; UFPLS not published; transfer out not published. - Dealing: funds £0; shares and ETFs £4.99 per online deal. - Platform fee checked 23 September 2026; drawdown charges checked 23 September 2026. - Sources: Aviva Pension (SIPP) (https://www.aviva.co.uk/retirement/aviva-pension/); Transfer for income drawdown (https://www.aviva.co.uk/retirement/income-drawdown/transfer-for-income-drawdown/); Share dealing (https://www.aviva.co.uk/investments/share-dealing/) ### Standard Life - Page: https://comparedrawdown.co.uk/provider/standard-life - Review: https://comparedrawdown.co.uk/provider/standard-life/review - Against the market: https://comparedrawdown.co.uk/compare/standard-life - Summary: Standard Life pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - Platform fee: 0.45% annual charge (Standard Life Personal Pension; plus ~0.10% fund charge), no dealing, switching or exit fees - Yearly platform cost in our comparison: £450 at £100,000, £1,125 at £250,000, £2,250 at £500,000 (Platform fee only — fund charges extra; includes any fixed yearly drawdown admin fee). - Drawdown charges: extra charge for regular income, beyond the yearly cost above: £0; ad-hoc withdrawal £0; UFPLS £0; transfer out £0. - Dealing: funds £0; shares and ETFs not published per online deal. - Platform fee checked 24 September 2026; drawdown charges checked 23 September 2026. - Sources: Personal Pension charges (https://www.standardlife.co.uk/pensions/personal-pension/charges); Pension drawdown (https://www.standardlife.co.uk/retirement/options/pension-drawdown); Withdrawal options (https://www.standardlife.co.uk/pensions/personal-pension/withdrawals) ### Scottish Widows - Page: https://comparedrawdown.co.uk/provider/scottish-widows - Review: https://comparedrawdown.co.uk/provider/scottish-widows/review - Against the market: https://comparedrawdown.co.uk/compare/scottish-widows - Summary: Scottish Widows pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - Platform fee: 0.25% a year, capped at £16.50/month (£198/year) - Share Dealing SIPP - Yearly platform cost in our comparison: £198 at £100,000, £198 at £250,000, £198 at £500,000 (Platform fee only — fund charges extra; includes any fixed yearly drawdown admin fee). - Drawdown charges: extra charge for regular income, beyond the yearly cost above: £0; ad-hoc withdrawal £0; UFPLS £0; transfer out £0. - Dealing: funds £5; shares and ETFs £5 per online deal. - Platform fee checked 24 June 2026; drawdown charges checked 23 September 2026. - Sources: Share dealing costs and charges (https://www.scottishwidows.co.uk/investing/ways-to-invest/share-dealing-services/charges.html); Costs and charges (PDF) (https://www.scottishwidows.co.uk/assets/literature/docs/costsandcharges.pdf) ### IG - Page: https://comparedrawdown.co.uk/provider/ig - Review: https://comparedrawdown.co.uk/provider/ig/review - Against the market: https://comparedrawdown.co.uk/compare/ig - Summary: IG pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - Platform fee: £210/year SIPP admin fee plus a yearly drawdown income fee of £240 (monthly), £180 (quarterly) or £150 (twice-yearly or yearly), both via Options UK; £300 per crystallisation; no IG custody fee (removed January 2026). Our cost assumes quarterly income - Yearly platform cost in our comparison: £390 at £100,000, £390 at £250,000, £390 at £500,000 (Platform fee only — fund charges extra; includes any fixed yearly drawdown admin fee). - Drawdown charges: extra charge for regular income, beyond the yearly cost above: £0; ad-hoc withdrawal £120; UFPLS £300; transfer out £210. - Dealing: funds not published; shares and ETFs £0 per online deal. - Platform fee checked 23 September 2026; drawdown charges checked 23 September 2026. - Sources: IG SIPP (https://www.ig.com/uk/investments/sipp); SIPP FAQs (https://www.ig.com/uk/help-and-support/articles/682843-sipp-accounts-faqs); Options Simple SIPP IG fee schedule (PDF) (https://www.optionspensions.co.uk/sites/default/files/carey_files/Simple%20SIPP%20IG%20-%20Fee%20Schedule%20-%20Options.pdf) ### Legal & General - Page: https://comparedrawdown.co.uk/provider/legal-and-general - Review: https://comparedrawdown.co.uk/provider/legal-and-general/review - Against the market: https://comparedrawdown.co.uk/compare/legal-and-general - Summary: L&G drawdown overview: published fees, funds and features compared with other UK platforms. Guidance, not advice. - Platform fee: 0.25% service charge a year plus fund charge 0.14%–0.31% (four investment pathway funds; Personal Pension drawdown, not a full SIPP) - Yearly platform cost in our comparison: £250 at £100,000, £625 at £250,000, £1,250 at £500,000 (Platform fee only — fund charges extra; includes any fixed yearly drawdown admin fee). - Drawdown charges: extra charge for regular income, beyond the yearly cost above: £0; ad-hoc withdrawal not published; UFPLS not published; transfer out £0. - Dealing: funds £0; shares and ETFs not published per online deal. - Platform fee checked 23 September 2026; drawdown charges checked 23 September 2026. - Sources: Personal Pension Drawdown (https://www.legalandgeneral.com/retirement/pension-drawdown/); Drawdown product summary (July 2023) (https://www.legalandgeneral.com/asset/49d625/globalassets/personal/retirement/_resources/documents/personal-pension/d100648.pdf) ### J.P. Morgan Personal Investing (formerly Nutmeg) - Page: https://comparedrawdown.co.uk/provider/nutmeg - Review: https://comparedrawdown.co.uk/provider/nutmeg/review - Against the market: https://comparedrawdown.co.uk/compare/nutmeg - Summary: Nutmeg pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - Platform fee: Fully Managed: 0.75% on the first £100k then 0.35% above (Fixed Allocation: 0.45% then 0.25%) - Yearly platform cost in our comparison: £750 at £100,000, £1,275 at £250,000, £2,150 at £500,000 (Includes investment management — fund charges extra; includes any fixed yearly drawdown admin fee). - Drawdown charges: extra charge for regular income, beyond the yearly cost above: £0; ad-hoc withdrawal £0; UFPLS not published; transfer out £0. - Dealing: funds £0; shares and ETFs not published per online deal. - Platform fee checked 23 September 2026; drawdown charges checked 23 September 2026. - Sources: Our fees (https://www.personalinvesting.jpmorgan.com/about/our-fee); Schedule of fees and charges (https://www.personalinvesting.jpmorgan.com/legal/schedule-of-fees-and-charges); Pension drawdown (https://www.personalinvesting.jpmorgan.com/pensions/drawdown) ### InvestEngine - Page: https://comparedrawdown.co.uk/provider/investengine - Review: https://comparedrawdown.co.uk/provider/investengine/review - Against the market: https://comparedrawdown.co.uk/compare/investengine - Summary: InvestEngine pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - Platform fee: £0 SIPP account fee and £0 dealing; ETF ongoing charges apply - Yearly platform cost in our comparison: £0 at £100,000, £0 at £250,000, £0 at £500,000 (Platform fee only — fund charges extra; includes any fixed yearly drawdown admin fee). - Drawdown charges: extra charge for regular income, beyond the yearly cost above: £0; ad-hoc withdrawal £0; UFPLS not published; transfer out £0. - Dealing: funds not published; shares and ETFs £0 per online deal. - Platform fee checked 3 September 2026; drawdown charges checked 23 September 2026. - Sources: Costs (https://investengine.com/costs/); SIPP (https://investengine.com/sipp/); SIPP drawdown help (https://help.investengine.com/hc/en-gb/sections/30889078887965-SIPP-drawdown) ### Barclays Direct Investing (formerly Smart Investor) - Page: https://comparedrawdown.co.uk/provider/barclays - Review: https://comparedrawdown.co.uk/provider/barclays/review - Against the market: https://comparedrawdown.co.uk/compare/barclays - Summary: Barclays Direct Investing (formerly Smart Investor) pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - Platform fee: £0 customer fee; SIPP administration £125 + VAT a year (£150); flexi-access drawdown £100 + VAT a year (£120) plus £75 + VAT set-up - Yearly platform cost in our comparison: £270 at £100,000, £270 at £250,000, £270 at £500,000 (Platform fee only — fund charges extra; includes any fixed yearly drawdown admin fee). - Drawdown charges: extra charge for regular income, beyond the yearly cost above: £0; ad-hoc withdrawal £30; UFPLS £90; transfer out £0. - Dealing: funds £0; shares and ETFs £6 per online deal. - Platform fee checked 3 September 2026; drawdown charges checked 23 September 2026. - Sources: SIPP pension provider fees (PDF) (https://www.barclays.co.uk/content/dam/documents/smart-investor/barclays-sipp-pension-provider-fees.pdf); Fees and interest rates (https://www.barclays.co.uk/smart-investor/investments/investment-costs/) ### EQi - Page: https://comparedrawdown.co.uk/provider/eqi - Review: https://comparedrawdown.co.uk/provider/eqi/review - Against the market: https://comparedrawdown.co.uk/compare/eqi - Summary: EQi pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - Platform fee: EQi subscription £4.99/mo under £50k or £10.99/mo at £50k+; SIPP administration £118.80 a year (Platform One); flexi-access drawdown £180 a year (£150 + VAT) - Yearly platform cost in our comparison: £430.68 at £100,000, £430.68 at £250,000, £430.68 at £500,000 (Platform fee only — fund charges extra; includes any fixed yearly drawdown admin fee). - Drawdown charges: extra charge for regular income, beyond the yearly cost above: £0; ad-hoc withdrawal not published; UFPLS £120; transfer out £90. - Dealing: funds not published; shares and ETFs £6.99 per online deal. - Platform fee checked 23 September 2026; drawdown charges checked 23 September 2026. - Sources: SIPP pricing (https://eqi.co.uk/info/sipp/pricing); New pricing (https://eqi.co.uk/info/how-it-works/new-pricing); SIPP terms (Platform One) (https://eqi.co.uk/media/g2xpzifz/eqi-platform-one-sipp-terms-conditions-v7.pdf) ### Moneybox - Page: https://comparedrawdown.co.uk/provider/moneybox - Review: https://comparedrawdown.co.uk/provider/moneybox/review - Against the market: https://comparedrawdown.co.uk/compare/moneybox - Summary: Moneybox pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - Platform fee: Moneybox funds: 0.15% service fee capped at £150 a year (plus 0.29% fund fee). Other providers’ funds: 0.45% service fee on the first £100k, then 0.15% above (no cap) - Yearly platform cost in our comparison: £150 at £100,000, £150 at £250,000, £150 at £500,000 (Platform fee only — fund charges extra; includes any fixed yearly drawdown admin fee). - Drawdown charges: extra charge for regular income, beyond the yearly cost above: not published; ad-hoc withdrawal not published; UFPLS not published; transfer out £0. - Dealing: funds £0; shares and ETFs not published per online deal. - Platform fee checked 23 September 2026; drawdown charges checked 24 September 2026. - Sources: Pension drawdown (https://www.moneyboxapp.com/pension-drawdown); What happens to your pension when you die (https://www.moneyboxapp.com/article/what-happens-to-your-pension-when-you-die); Drawdown launch (FF News, 16 June 2026) (https://ffnews.com/news/moneybox-expands-retirement-offering-as-it-launches-new-pension-drawdown-service); Pension fee breakdown (https://www.moneyboxapp.com/faqs/fees-and-security/fee-breakdown/pension); How to access your pension (https://support.moneyboxapp.com/learn/pensions/articles/how-to-access-your-pension-in-retirement/); Pension (https://www.moneyboxapp.com/pension) ### CMC Invest - Page: https://comparedrawdown.co.uk/provider/cmc-invest - Review: https://comparedrawdown.co.uk/provider/cmc-invest/review - Against the market: https://comparedrawdown.co.uk/compare/cmc-invest - Summary: CMC Invest pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - Platform fee: Premium plan £10.99 a month (£131.88 a year) for SIPP access; £0 dealing commission - Yearly platform cost in our comparison: £131.88 at £100,000, £131.88 at £250,000, £131.88 at £500,000 (Platform fee only — fund charges extra; includes any fixed yearly drawdown admin fee). - Drawdown charges: extra charge for regular income, beyond the yearly cost above: not published; ad-hoc withdrawal not published; UFPLS not published; transfer out £0. - Dealing: funds £0; shares and ETFs £0 per online deal. - Platform fee checked 3 September 2026; drawdown charges checked 23 September 2026. - Sources: SIPP (https://www.cmcinvest.com/en-gb/self-invested-personal-pension); Costs and fees (https://www.cmcinvest.com/en-gb/costs-and-fees); Fee Tariff (PDF) (https://assets.cmcinvest.com/invest/FeeTariff.pdf); Price plans (https://www.cmcinvest.com/en-gb/plans) ### Penfold - Page: https://comparedrawdown.co.uk/provider/penfold - Review: https://comparedrawdown.co.uk/provider/penfold/review - Against the market: https://comparedrawdown.co.uk/compare/penfold - Summary: Penfold pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - Platform fee: Default Plan single all-in fee: 0.75% a year on the first £100k and 0.40% on the amount above; no benefits withdrawal fees - Yearly platform cost in our comparison: £750 at £100,000, £1,350 at £250,000, £2,350 at £500,000 (Includes fund charges; includes any fixed yearly drawdown admin fee). - Drawdown charges: extra charge for regular income, beyond the yearly cost above: £0; ad-hoc withdrawal £0; UFPLS £0; transfer out £0. - Dealing: funds £0; shares and ETFs not published per online deal. - Platform fee checked 23 September 2026; drawdown charges checked 23 September 2026. - Sources: Charges Guide (https://getpenfold.com/charges-guide); What fees do you charge? (https://help.getpenfold.com/en/articles/3535075-what-fees-do-you-charge); Pension charges (https://getpenfold.com/pension-charges) ## Adviser platforms (24), checked 23 September 2026 Compared at https://comparedrawdown.co.uk/advised-drawdown. Platform or product charges only; the adviser's own fee, fund, model-portfolio and dealing charges are extra. - Nucleus, Nucleus SIPP: 0.27% to £500k, 0.175% to £1m, 0.05% above (marginal). No drawdown charge. - AJ Bell Investcentre, Retirement Investment Account: 0.25% to £500k, 0.20% above (marginal, including VAT). No charge for drawdown or UFPLS. - Fidelity Adviser Solutions, Fidelity Pension: 0.25% service fee plus a £45 a year investor fee. No charge to move into drawdown. - Aberdeen Wrap, Aberdeen SIPP: 0.30% to £250k, 0.20% to £500k, 0.10% above (marginal). No charge for moving into or being in drawdown. Family linking available. - Aberdeen Elevate, Pension Investment Account: 0.30% under £150k, 0.25% to £1m, lower above; one rate on the whole portfolio. No drawdown charges. - Quilter, Collective Retirement Account: 0.35% to £50k, 0.25% to £250k, 0.20% to £750k, 0.15% above (marginal). No wrapper or drawdown charge. Family linking available. - M&G Wealth Platform, M&G Wealth Pension Account: 0.30% to £1m, 0.10% to £3m, 0.06% to £5m (minimum £15 a month). “No SIPP fees, no drawdown fees … and no exit fees.” Family linking available. - Aviva Platform, Pension Portfolio (Core): 0.35% to £30k, 0.30% to £250k, 0.20% to £400k, 0.10% above (marginal). Core uses insured funds only. No drawdown fee in the published tariff. - Nucleus Wrap, Nucleus Pension: 0.33% to £200k, 0.30% to £500k, 0.175% to £1m, 0.05% above. “Our drawdown services are charge-free.” - Transact, SIPP or Personal Pension: 0.26% to £600k, 0.17% to £1.2m, lower above (marginal; 0.50% on the first £60k if under £100k), plus £20 a quarter per pension wrapper. No extra charge for taking income. - Aegon Platform, Aegon SIPP: 0.29% to £100k, 0.26% to £250k, 0.23% to £500k, 0.15% to £1m, nil above (marginal), plus £75 a year in years income is taken. - Aviva Platform, Pension Portfolio (Choice): 0.40% to £30k, 0.35% to £250k, 0.25% to £400k, 0.15% above (marginal). Wider fund range than Core. No drawdown fee in the published tariff. - Wealthtime, Novia SIPP: 0.30% to £500k, 0.20% to £1m, 0.10% above, plus £62.50 + VAT (£75) a year when income is taken. - Parmenion, Parmenion SIPP: 0.30% under £300k, 0.25% to £600k, 0.20% to £1.5m, 0.15% above, on the whole portfolio, plus £18 + VAT a quarter for the SIPP. No extra charge for drawdown. - Scottish Widows Platform, Scottish Widows Personal Pension: 0.35% to £100k, 0.30% to £250k, 0.25% to £500k, 0.10% above (marginal), plus a £75 a year pension charge. The key features name a drawdown charge but no amount is published. - Royal London, Pension Portfolio with Income Release: 1.00% charge less a loyalty discount on the whole pot: 0.75% to £48,300 falling to 0.35% above £967,000. Includes management of Royal London’s own funds. No extra charge for Income Release. Band edges rise with RPI each April. - 7IM, 7IM SIPP: 0.30% to £500k, 0.25% to £1m, lower above (marginal), plus £135 + VAT (£162) a year for paying income. SIPPs under £75,000 pay a further £120 a year. - Nucleus, Flexi SIPP (formerly James Hay iSIPP): 0.27% to £500k, 0.175% to £1m, 0.05% above (marginal), plus £192 + VAT (£230.40) a year once benefits start, even if no income is taken. - Aegon, Aegon Retirement Choices (ARC) SIPP: 0.60% to £30k, 0.55% to £50k, 0.50% to £100k, 0.45% to £250k, nil above, capped at £1,215 a year, plus £75 a year in years income is taken. - AJ Bell Investcentre, SIPP: Custody 0.20% to £500k, lower above (marginal), plus quarterly admin of £50–£70 + VAT (waived from £200k) and £150 + VAT (£180) a year for flexi-access drawdown, even with no income. - Prudential, Retirement Account: Product charge set by total account value and applied to the whole account: 0.30% under £100k, 0.20% to £250k, 0.15% to £750k, lower above. Fund charges (including PruFund) are extra. - Curtis Banks, Your Future SIPP: Fixed SIPP fees: £418 + VAT a year using its investment partners, plus £195 + VAT a year for paying income (£735.60 in total). The platform or investment manager you choose charges on top. - St James's Place, Retirement Account: Product charge 0.35% on the first £500k, lower above (marginal), plus 0.80% ongoing advice. Funds are extra (Polaris 3: 0.52%). Initial advice: 3% on the first £250k, 2% on the next £250k, 1% above. - True Potential, True Potential Pension: 0.40% platform plus 0.50% ongoing advice through its Central Advice Service. Funds are extra (about 0.75%). Initial advice up to 4%. ## Glossary (85 terms, updated 24 September 2026) - Accumulation and income units: Two versions of the same fund. Income units pay out dividends and interest as cash; accumulation units reinvest them automatically. In drawdown, some people hold income units so that the payouts build up as cash to fund withdrawals. Source: MoneyHelper: pensions glossary, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/pensions-glossary. - Ad-hoc withdrawal: A one-off payment from a drawdown pot, as opposed to a regular income. Most platforms pay these free, but some charge per withdrawal — our comparison shows the charge where it is published. Source: MoneyHelper: flexi-access drawdown explained, https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/what-is-flexible-retirement-income-pension-drawdown. - Annual allowance: The most that can be paid into your pensions in a tax year, by you and anyone else, before a tax charge applies: £60,000 for most people. Tax relief on your own contributions is also limited to your UK earnings for the year. The allowance is lower if you have flexibly accessed a pension or have a very high income. Source: GOV.UK: annual allowance, https://www.gov.uk/tax-on-your-private-pension/annual-allowance. - Annuity: An insurance product that turns some or all of your pension into a guaranteed income, usually for life. Unlike drawdown, the income cannot run out, but you give up flexibility and the pot is normally no longer yours to pass on. Source: MoneyHelper: annuities explained, https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/guaranteed-retirement-income-annuities-explained. - Beneficiary drawdown: When someone who inherits your pension keeps it invested and takes money from it as and when they need to, rather than taking it all as a lump sum. Not every provider offers it, so it is worth checking if leaving your pension to family matters to you. Source: HMRC Pensions Tax Manual PTM072430: beneficiary's flexi-access drawdown, https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm072430. - Capped drawdown: An older form of drawdown with a limit on how much income you can take each year. No new capped drawdown plans could be started after 5 April 2015; existing ones can continue or be converted to flexi-access drawdown. Source: MoneyHelper: capped drawdown, https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/capped-drawdown. - Carry forward: Using annual allowance you did not use in the previous three tax years, on top of this year's allowance, if you were a member of a registered pension scheme in those years. This year's allowance is used first. It cannot be used to increase the Money Purchase Annual Allowance. Source: GOV.UK: annual allowance, https://www.gov.uk/tax-on-your-private-pension/annual-allowance. - Cash buffer: Money kept in cash inside or alongside a drawdown pot to cover the next one to three years of withdrawals, so that investments do not have to be sold after a fall. It reduces sequence of returns risk but cash can lose value to inflation. Source: MoneyHelper: flexi-access drawdown explained, https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/what-is-flexible-retirement-income-pension-drawdown. - Cash interest (retained interest): Interest earned on uninvested cash in your pension. Some platforms pass on most of it; others keep part of it as income. The FCA has been looking at this practice, sometimes called double-dipping. Source: MoneyHelper: pensions glossary, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/pensions-glossary. - Cash transfer: Moving a pension to a new provider by selling the investments, sending the money as cash and buying new investments at the other end. It is widely accepted, but the money is out of the market for the days or weeks the transfer takes. Source: MoneyHelper: transfer or combine defined contribution pensions, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-transfers-consolidation/transfer-combine-defined-contribution-pensions. - Consumer Duty: FCA rules that require regulated firms, including pension and platform providers, to act to deliver good outcomes for retail customers — covering price and value, how well customers understand what they are told, and the support they get. Source: FCA: Consumer Duty, https://www.fca.org.uk/firms/consumer-duty. - Crystallisation: The point at which you start taking benefits from part or all of your pension — for example by moving it into drawdown or buying an annuity. It is usually when tax-free cash is taken. Source: MoneyHelper: pensions glossary, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/pensions-glossary. - Dealing charge: A fee each time you buy or sell an investment on a platform. Many platforms deal in funds free but charge for shares, ETFs and investment trusts. Source: MoneyHelper: pensions glossary, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/pensions-glossary. - Defined benefit (DB) pension: A workplace pension that pays an income based on your salary and years of membership, such as a final salary or career average scheme. The scheme, not you, carries the investment risk. It cannot be used for drawdown unless it is transferred, which usually means giving up valuable guarantees. Source: MoneyHelper: transferring your defined benefit pension, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-transfers-consolidation/transferring-your-defined-benefit-pension. - Defined contribution (DC) pension: A pension where you build up a pot from contributions and investment growth, such as a SIPP, personal pension or most modern workplace pensions. What you get depends on how much goes in, how the investments perform and the charges. These are the pensions that can be used for drawdown. Source: MoneyHelper: pensions glossary, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/pensions-glossary. - Dependant's drawdown: Drawdown taken by a dependant — for example a spouse, civil partner or child under 23 — from pension funds they inherit. They can take income flexibly from it, buy an annuity or, depending on the scheme, take a lump sum. Source: HMRC Pensions Tax Manual PTM072430: beneficiary's flexi-access drawdown, https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm072430. - Emergency tax: When you first take taxable money from a pension, the provider often has no up-to-date tax code and applies an emergency code on a Month 1 basis, which can mean paying too much tax at first. You can reclaim it from HMRC with form P55, P53Z or P50Z, or it is corrected later in the tax year. Source: HMRC PAYE Manual PAYE94055: flexibly accessed pension payments, https://www.gov.uk/hmrc-internal-manuals/paye-manual/paye94055. - Enhanced annuity: An annuity that pays a higher income because a health condition or lifestyle factor, such as smoking or high blood pressure, is expected to shorten life expectancy. It is worth declaring any condition when getting annuity quotes. Source: MoneyHelper: annuities explained, https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/guaranteed-retirement-income-annuities-explained. - ETF (exchange-traded fund): A fund that trades on a stock exchange like a share, usually tracking an index. ETFs are often low cost, but some platforms charge a dealing fee each time you buy or sell them. Source: MoneyHelper: pensions glossary, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/pensions-glossary. - Exit fee: A charge for transferring your whole pension to another provider. Most platforms in our comparison do not charge one; check the provider's charges schedule before transferring in. Source: MoneyHelper: transfer or combine defined contribution pensions, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-transfers-consolidation/transfer-combine-defined-contribution-pensions. - Expression of wish (nomination): A form telling your pension scheme who you would like to receive your pension when you die. It is usually not binding, so the scheme keeps the final say, but schemes normally follow it. Keep it up to date after marriage, divorce or a death in the family, and check it when you switch provider. Source: MoneyHelper: pensions glossary, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/pensions-glossary. - FCA Register: The public record of firms and individuals the Financial Conduct Authority authorises. Checking it before dealing with any pension provider, adviser or transfer firm is one of the simplest protections against scams. Source: FCA Financial Services Register, https://register.fca.org.uk/. - Financial Ombudsman Service: A free, independent service that settles complaints between consumers and financial businesses, including platforms and advisers, when the firm has not resolved the complaint itself. Complain to the firm first. Source: Financial Ombudsman Service, https://www.financial-ombudsman.org.uk/. - Fixed-term annuity: An annuity that pays a guaranteed income for a set number of years rather than for life, and may pay a lump sum at the end that can be used to buy another product. It keeps options open at the cost of no lifetime guarantee. Source: MoneyHelper: annuities explained, https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/guaranteed-retirement-income-annuities-explained. - Flat fee: A platform charge set in pounds rather than as a percentage of your pot, so it does not grow as your pot does. Flat fees tend to work out cheaper on larger pots and dearer on small ones. Source: MoneyHelper: pensions glossary, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/pensions-glossary. - Flexi-access drawdown (FAD): The standard way to take a flexible income from a defined contribution pension: the pot stays invested and you withdraw as much or as little as you choose. Every platform in our comparison offers it. Source: MoneyHelper: flexi-access drawdown explained, https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/what-is-flexible-retirement-income-pension-drawdown. - FSCS: The Financial Services Compensation Scheme, which can pay compensation if an authorised financial firm fails. For eligible investment claims the limit is £85,000 per person per firm. It does not protect against investments falling in value. Source: FSCS: investments, https://www.fscs.org.uk/what-we-cover/investments/. - Guaranteed annuity rate (GAR): A promise in some older pension policies to convert your pot into an annuity at a fixed rate, often far higher than rates available today. It is usually lost if you transfer or take the pot another way, and a GAR worth more than £30,000 generally means you must take regulated advice before transferring. Source: FCA Handbook glossary: guaranteed annuity rate, https://handbook.fca.org.uk/glossary/G3466g. - Inflation risk: The risk that rising prices reduce what your money can buy. A level income or cash savings lose buying power over time, which matters over a retirement that can last 30 years or more. Source: MoneyHelper: annuities explained, https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/guaranteed-retirement-income-annuities-explained. - Inheritance tax on pensions: Under Finance Act 2026, for deaths on or after 6 April 2027, most unused pension funds and death benefits count towards the value of an estate for inheritance tax. Death benefits paid to a surviving spouse or civil partner, or to a charity, stay exempt, and death-in-service benefits from a registered pension scheme are excluded. The personal representatives are responsible for reporting and paying any inheritance tax due. This changes how some people plan to use or pass on their pension. Source: GOV.UK: Inheritance Tax on unused pension funds and death benefits, https://www.gov.uk/government/publications/inheritance-tax-unused-pension-funds-and-death-benefits/inheritance-tax-unused-pension-funds-and-death-benefits. - Investment fund: A pooled investment, such as a unit trust or OEIC, that spreads your money across many shares, bonds or other assets and is run by a fund manager or tracks an index. Each fund has its own ongoing charge on top of the platform fee. Source: MoneyHelper: pensions glossary, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/pensions-glossary. - Investment pathways: Four ready-made investment options that drawdown providers must offer to people who move into drawdown without advice, each linked to a plan for the money — for example, taking it all within five years or using it for a long-term income. Source: FCA: strategic priorities for the pensions sector (investment pathways), https://www.fca.org.uk/news/speeches/changing-landscape-fcas-strategic-priorities-pensions-sector. - Investment trust: A company listed on the stock exchange that invests in other assets. You buy and sell its shares, so platforms usually apply their share dealing charge, and the share price can differ from the value of what the trust owns. Source: MoneyHelper: pensions glossary, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/pensions-glossary. - Joint life annuity: An annuity that keeps paying, often at a reduced rate, to your spouse or partner after you die. It pays less at the start than a single life annuity for the same pot. Source: MoneyHelper: annuities explained, https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/guaranteed-retirement-income-annuities-explained. - Lifestyling: An investment approach that automatically moves a pension into lower-risk assets as a set retirement date approaches. Many older strategies were designed for buying an annuity, so it is worth checking whether yours suits drawdown. Source: MoneyHelper: why has my pension pot gone down in value?, https://www.moneyhelper.org.uk/en/blog/retirement/why-has-my-pension-pot-gone-down-in-value. - Longevity risk: The risk of living longer than your money lasts. In drawdown you carry this risk yourself; an annuity passes it to an insurer. Source: MoneyHelper: what can I do with my pension pot?, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise/pension-pot-options. - Lump Sum Allowance (LSA): The limit on the total tax-free cash most people can take from their pensions during their lifetime: £268,275, unless they hold a protection that gives a higher amount. Source: GOV.UK: lump sum allowance, https://www.gov.uk/tax-on-your-private-pension/lump-sum-allowance. - Lump Sum and Death Benefit Allowance (LSDBA): The limit, £1,073,100 for most people, on the total of tax-free lump sums taken in your lifetime plus certain tax-free lump sums paid on your death before 75 and serious ill-health lump sums. It is higher if you hold a protected allowance. Source: GOV.UK: individual lump sum allowances, https://www.gov.uk/guidance/find-out-the-rules-around-individual-lump-sum-allowances. - Marginal rate of tax: The rate of income tax you pay on the next pound of income. Taxable pension withdrawals are added to your other income for the year, so a large withdrawal can push part of it into a higher band. Source: GOV.UK: Income Tax rates and Personal Allowances, https://www.gov.uk/income-tax-rates. - Minimum pot size: The smallest pension some providers will accept before you can open a plan or start drawdown. Some set a higher minimum for drawdown than for saving; a few have no minimum at all. Source: MoneyHelper: flexi-access drawdown explained, https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/what-is-flexible-retirement-income-pension-drawdown. - Money Purchase Annual Allowance (MPAA): Once you take taxable money from a defined contribution pension flexibly — such as a drawdown income or a UFPLS payment — the amount you can pay into defined contribution pensions with tax relief falls to £10,000 a year. Taking only tax-free cash does not trigger it. Source: GOV.UK: check if you have gone above the money purchase annual allowance, https://www.gov.uk/guidance/work-out-your-allowances-if-youve-flexibly-accessed-your-pension. - Month 1 basis: A way of working out PAYE that treats each payment on its own, as if you were paid that amount every month: one-twelfth of the personal allowance and tax bands is applied. Emergency tax codes on a first pension withdrawal work this way, which is why a large one-off withdrawal is often over-taxed. Source: GOV.UK: emergency tax codes, https://www.gov.uk/emergency-tax-code. - Natural yield: The dividends and interest your investments pay out. Taking only the natural yield as income leaves the capital invested, although the amount paid can go down as well as up. Source: MoneyHelper: flexi-access drawdown explained, https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/what-is-flexible-retirement-income-pension-drawdown. - Nominee's drawdown: Drawdown taken from an inherited pension by someone who is not a dependant but was nominated by the pension holder or chosen by the scheme — for example an adult child. It lets them keep the money invested and take it over time. Source: HMRC Pensions Tax Manual PTM072430: beneficiary's flexi-access drawdown, https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm072430. - Normal minimum pension age: The earliest age you can usually take money from a personal pension: currently 55, rising to 57 from 6 April 2028, unless you have a protected pension age. Source: GOV.UK: increasing normal minimum pension age, https://www.gov.uk/government/publications/increasing-normal-minimum-pension-age. - Ongoing charges figure (OCF): The yearly cost of running a fund, expressed as a percentage and taken from the fund's value. It is charged on top of the platform fee, which is why our comparison shows fund charges separately unless a provider quotes an all-in fee. Source: MoneyHelper: pensions glossary, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/pensions-glossary. - Open market option: Your right to shop around for an annuity with any provider rather than taking the one your pension provider offers. Rates can differ widely, especially if you qualify for an enhanced annuity. Source: MoneyHelper: annuities explained, https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/guaranteed-retirement-income-annuities-explained. - P45: A form showing your tax code and the pay and tax to date in the current tax year. If you give your pension provider a P45 from the same tax year before your first withdrawal, it can use that code instead of an emergency code. Providers also issue one when a pension is paid out in full. Source: HMRC PAYE Manual PAYE94055: flexibly accessed pension payments, https://www.gov.uk/hmrc-internal-manuals/paye-manual/paye94055. - P50Z: The HMRC form to reclaim over-paid tax in the same tax year when you have emptied your pension pot, have stopped work and do not expect to go back, and have no other pension or taxable benefits such as Jobseeker's Allowance. Earnings earlier in the tax year, shown on a P45, do not stop you using it. Source: GOV.UK: claim a tax refund if you have stopped work and flexibly accessed all of your pension (P50Z), https://www.gov.uk/guidance/claim-a-tax-refund-if-youve-stopped-work-and-flexibly-accessed-all-of-your-pension-p50z. - P53Z: The HMRC form to reclaim over-paid tax in the same tax year when you have emptied your pension pot and have other taxable income, such as a salary or another pension. It is also used after a serious ill-health lump sum. Source: GOV.UK: claim a tax refund when you have flexibly accessed all of your pension (P53Z), https://www.gov.uk/guidance/claim-a-tax-refund-when-youve-flexibly-accessed-all-of-your-pension-p53z. - P55: The HMRC form to reclaim over-paid tax in the same tax year after a flexible pension withdrawal that did not empty your pot, when you will not take any more regular or flexible payments before the tax year ends. Source: GOV.UK: claim back tax on a flexibly accessed pension overpayment (P55), https://www.gov.uk/guidance/claim-back-tax-on-a-flexibly-accessed-pension-overpayment-p55. - Pension commencement lump sum (tax-free cash): The tax-free lump sum you can normally take when you start drawing a pension — usually up to 25% of the amount you crystallise, within the Lump Sum Allowance. Source: GOV.UK: lump sum allowance, https://www.gov.uk/tax-on-your-private-pension/lump-sum-allowance. - Pension death benefits: What happens to a defined contribution pension when you die. If you die before 75, beneficiaries can usually take it tax-free, as long as it is paid within two years and within your Lump Sum and Death Benefit Allowance for lump sums. If you die at 75 or over, what they take is taxed as their income. Source: GOV.UK: tax on a private pension you inherit, https://www.gov.uk/tax-on-pension-death-benefits. - Pension freedoms: The rules in force since 6 April 2015 that let people aged 55 or over (57 from April 2028) take their defined contribution pension however they choose — as drawdown, lump sums, an annuity or a mix — rather than having to buy an annuity. Source: MoneyHelper: what can I do with my pension pot?, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise/pension-pot-options. - Pension transfer: Moving a pension from one provider or scheme to another, for example to consolidate old pots or to get lower charges or a better drawdown service. The provider you are leaving must carry out checks for signs of a scam before it pays. Source: MoneyHelper: transfer or combine defined contribution pensions, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-transfers-consolidation/transfer-combine-defined-contribution-pensions. - Pension Wise: Free, impartial guidance from MoneyHelper, backed by the government, about your options for taking a defined contribution pension. It is for people aged 50 or over, by phone or face to face. It is guidance, not advice. Source: MoneyHelper: Pension Wise, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise. - Pensions Ombudsman: A free, independent service that deals with complaints about how a pension scheme is run, such as delays or errors in paying benefits or making a transfer. Source: The Pensions Ombudsman, https://www.pensions-ombudsman.org.uk/. - Personal allowance: The amount of income you can have each tax year before paying income tax: £12,570 for most people. It is reduced by £1 for every £2 of adjusted net income over £100,000, so it is gone entirely at £125,140. Source: GOV.UK: Income Tax rates and Personal Allowances, https://www.gov.uk/income-tax-rates. - Phased drawdown: Moving your pension into drawdown in stages rather than all at once, taking a slice of tax-free cash each time. It can spread tax-free cash across several years. Source: MoneyHelper: phased or partial drawdown, https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/phased-partial-drawdown. - Platform: An online service that holds your investments, including a SIPP, and lets you buy, sell and manage them in one place. The platform charges its own fee, separate from the charges of the funds you hold. Source: MoneyHelper: pensions glossary, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/pensions-glossary. - Platform fee: The yearly charge for holding your pension with a provider. It may be a percentage of your pot (often tiered or capped) or a flat £ fee. This is the main charge our comparison ranks. Source: MoneyHelper: pensions glossary, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/pensions-glossary. - Protected tax-free cash: A right in some older pensions to take more than 25% as tax-free cash. It can be lost if you transfer, unless the transfer meets HMRC conditions, so ask your current provider in writing before you move. Source: MoneyHelper: check for special features before taking or transferring your pension, https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/check-pension-special-features. - Ready-made portfolio: A diversified set of investments chosen and managed for you, usually matched to a level of risk. Many platforms offer them for people who do not want to pick their own funds; the portfolio has its own charge on top of the platform fee unless the price is all-in. Source: MoneyHelper: pensions glossary, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/pensions-glossary. - Rebalancing: 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, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/pensions-glossary. - Recycling rule: An HMRC rule that can treat tax-free cash as an unauthorised payment, with heavy tax charges, if it is used as a pre-planned step to increase pension contributions significantly. It only applies above set thresholds, such as tax-free cash of more than £7,500 in 12 months, and HMRC says lump sums taken as part of normal retirement planning are not caught. Source: HMRC Pensions Tax Manual PTM133810: recycling of pension commencement lump sums, https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm133810. - Regular income charge: A fee some providers charge for paying you a regular drawdown income, on top of the platform fee. Many platforms charge nothing for this; our comparison includes it where it is published and says so where it is not. Source: MoneyHelper: flexi-access drawdown explained, https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/what-is-flexible-retirement-income-pension-drawdown. - Robo-adviser: An online service that puts your money into a ready-made portfolio based on your answers to questions about risk and goals. Most provide guidance or discretionary management rather than personal advice, and charge an all-in or management fee. Source: MoneyHelper: pensions glossary, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/pensions-glossary. - Safeguarded benefits: 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, https://www.gov.uk/government/publications/pension-benefits-with-a-guarantee-and-the-advice-requirement/pension-benefits-with-a-guarantee-and-the-advice-requirement. - ScamSmart: The FCA's campaign and online tools to help people spot and avoid investment and pension scams, including a Warning List of firms to avoid. Unexpected contact about your pension, pressure to act quickly or promises of high returns are warning signs. Source: FCA ScamSmart, https://www.fca.org.uk/scamsmart. - Scottish income tax: If you live in Scotland, your pension income and earnings are taxed at Scottish rates. For 2026/27 there are six bands, from a 19% starter rate to a 48% top rate, applied after the same personal allowance as the rest of the UK. Source: gov.scot: Scottish Income Tax 2026 to 2027 technical factsheet, https://www.gov.scot/publications/scottish-income-tax-technical-factsheet. - Sequence of returns risk: 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, https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/what-is-flexible-retirement-income-pension-drawdown. - Serious ill-health lump sum: A payment of your whole pension as a lump sum when a doctor confirms you are expected to live less than a year. It is usually tax-free before 75, within your Lump Sum and Death Benefit Allowance, and can be paid before the normal minimum pension age. Source: GOV.UK: individual lump sum allowances, https://www.gov.uk/guidance/find-out-the-rules-around-individual-lump-sum-allowances. - SIPP (self-invested personal pension): 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, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/pensions-glossary. - Small pots lump sum: A way to cash in a pension worth £10,000 or less in one go. You can take up to three from personal pensions in your lifetime; different limits apply to workplace schemes. Usually 25% is tax-free, and unlike a UFPLS it does not trigger the Money Purchase Annual Allowance. Source: HMRC Pensions Tax Manual PTM063700: small pension payments, https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm063700. - State Pension age: The age you can start getting the State Pension. It is rising from 66 to 67 for people born on or after 6 April 1960, and the law provides for a further rise to 68 in future. It is separate from the age you can take a private pension. Source: GOV.UK: check your State Pension age, https://www.gov.uk/state-pension-age. - Successor's drawdown: Drawdown taken by someone who inherits a pension that was already inherited — for example a grandchild receiving what was left in a parent's nominee drawdown. It lets pension money pass down more than one generation. Source: HMRC Pensions Tax Manual PTM072430: beneficiary's flexi-access drawdown, https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm072430. - Tapered annual allowance: A reduced annual allowance for people with very high incomes. It applies when threshold income is over £200,000 and adjusted income is over £260,000, and falls by £1 for every £2 over that, to a minimum of £10,000. Source: GOV.UK: annual allowance, https://www.gov.uk/tax-on-your-private-pension/annual-allowance. - Targeted support: A form of help, allowed by the FCA from 6 April 2026, where authorised firms such as pension providers can suggest options designed for groups of customers with similar circumstances. It sits between general guidance and personal advice. Source: FCA PS25/22: rules for targeted support, https://www.fca.org.uk/publications/policy-statements/ps25-22-consumer-pensions-investment-decisions-rules-targeted-support. - Tax code: The code HMRC gives your employer or pension provider to work out how much tax to take. 1257L is the most common: it gives the standard personal allowance. A code ending in W1, M1 or X is an emergency code. Source: GOV.UK: tax codes, https://www.gov.uk/tax-codes. - Tiered charge: A percentage platform fee that falls on each slice of your pot above set thresholds — for example one rate on the first £250,000 and a lower rate on the rest. Some platforms instead apply one rate to the whole pot once it passes a threshold. Source: MoneyHelper: pensions glossary, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/pensions-glossary. - Transaction costs: 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, https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/pensions-glossary. - Transfer in specie: Moving a pension to a new provider without selling the investments, so they are re-registered rather than cashed in and you stay invested throughout. The new provider must be able to hold the same investments; funds sometimes move into a different share class. Source: HMRC Pensions Tax Manual PTM104000: transfer of drawdown pensions, https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm104000. - Trivial commutation lump sum: A way to take a small defined benefit or scheme pension as a one-off lump sum when the total value of your pension savings is £30,000 or less. Where the pension has not yet started, 25% is usually tax-free. Source: HMRC Pensions Tax Manual PTM063500: trivial commutation lump sum, https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm063500. - UFPLS (uncrystallised funds pension lump sum): Taking a lump sum straight from a pension that has not yet been moved into drawdown. Usually 25% of each payment is tax-free and the rest is taxed as income. Some platforms charge per UFPLS payment. Source: MoneyHelper: taking your pension as multiple lump sums, https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/taking-your-pension-as-a-number-of-lump-sums. - Withdrawal rate: The share of your pot you take out each year. Higher rates raise the chance of running out of money; rules of thumb such as 3–4% are only a starting point, not a guarantee. Source: MoneyHelper: flexi-access drawdown explained, https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/what-is-flexible-retirement-income-pension-drawdown. ## Every page (201) - [Compare UK Pension Drawdown Providers | Fees & SIPPs 2026](https://comparedrawdown.co.uk/): Compare published drawdown and SIPP fees side by side. Free UK tool — enter your pot size to see yearly platform charges. Guidance, not advice. - [Pension Drawdown Calculator (UK) | Compare Drawdown](https://comparedrawdown.co.uk/pension-drawdown-calculator): Free pension drawdown calculator (UK). See how long a pot could last, with 2026/27 tax and published charges. Guidance from Compare Drawdown, not advice. - [Pension Drawdown Fees Compared UK 2026 | Platform Charges](https://comparedrawdown.co.uk/fees-and-charges): Compare UK drawdown platform fees, dealing costs and exit charges in one table. Updated for 2026. Not personal advice. - [UK Drawdown Cost Index 2026 | Pension Drawdown Charges Compared](https://comparedrawdown.co.uk/drawdown-cost-index): The UK Pension Drawdown Cost Index: annual charges for £100k, £250k and £500k pots across the UK drawdown providers we track. Lowest vs highest calculated cost, the full table and methodology, updated quarterly. - [Pension Drawdown or Annuity? How the Two Compare](https://comparedrawdown.co.uk/drawdown-vs-annuity): How pension drawdown and annuities differ: who bears the risk, tax treatment, what happens on death, and the MPAA trap. Information only, every figure sourced from GOV.UK. - [Annuity Rates UK 2026 | Income From a £100,000 Pension Pot](https://comparedrawdown.co.uk/annuity-rates): Current UK annuity rates from Standard Life, Legal & General and Aviva. What a £100,000 pot buys at 55, 60, 65, 70 and 75, level and inflation-linked. Every figure sourced and dated. - [Find Your Best Pension Drawdown Provider | UK Comparison 2026](https://comparedrawdown.co.uk/find-provider): Answer a few questions and find a pension drawdown provider that fits your pot size, investment style and income needs. Compare UK SIPP platforms instantly. - [What Is Pension Drawdown? UK Guide to Flexible Income](https://comparedrawdown.co.uk/income-drawdown): Plain-English UK guide to flexi-access drawdown: how it works, tax, risks and SIPP withdrawal basics. Guidance, not advice. - [What is an Annuity? | Guaranteed Pension Income for Life 2026](https://comparedrawdown.co.uk/annuities): Learn how annuities work, types available, and whether a guaranteed income for life suits your retirement. Compare with pension drawdown options. - [What is Pension Drawdown? The Complete UK Guide 2026](https://comparedrawdown.co.uk/how-it-works): Everything you need to know about pension drawdown in 2026. How it works, tax rules, provider fees, and step-by-step guidance for UK retirees. - [Compare Drawdown Providers UK | Side-by-Side Fees 2026](https://comparedrawdown.co.uk/compare): Side-by-side UK pension drawdown provider comparison using published platform charges. Free and independent. - [Contact Compare Drawdown | Email](https://comparedrawdown.co.uk/contact): Contact Compare Drawdown using the message form. Independent UK pension drawdown comparison. Guidance, not regulated advice. - [Pension Drawdown Blog | Expert UK Retirement Guides](https://comparedrawdown.co.uk/blog): Expert articles on pension drawdown, retirement planning, provider reviews and UK pension news. Written by qualified financial professionals. - [How We Compare Drawdown Providers | Our Methodology](https://comparedrawdown.co.uk/how-we-compare): Learn how we independently compare pension drawdown providers. Our methodology covers fees, investment choice, service quality and more. - [About | Phil Handley, Chartered Financial Planner](https://comparedrawdown.co.uk/about): Compare Drawdown is an independent UK pension drawdown comparison from Arthur Browns Wealth Management (FCA No. 825843). Content written and reviewed by Phil Handley, a Chartered Financial Planner. - [Free UK Retirement Planner | Model Your Pension Income 2026](https://comparedrawdown.co.uk/retirement-planner): Free step-by-step UK retirement planner. Model your pension income, state pension, ISAs and drawdown strategy across your whole retirement. - [Pension Drawdown Guide | Compare Drawdown](https://comparedrawdown.co.uk/ebook): Free UK pension drawdown guide for DIY investors and people approaching retirement. How drawdown works, tax, fees, withdrawals and a practical checklist. Guidance, not advice. - [Pension Drawdown Glossary | UFPLS, MPAA & More Explained](https://comparedrawdown.co.uk/glossary): Plain-English definitions of the pension drawdown terms you will meet: flexi-access drawdown, UFPLS, MPAA, crystallisation, OCF, the Lump Sum Allowance and more. - [Pension Withdrawal Tax Calculator 2026/27 | Emergency Tax](https://comparedrawdown.co.uk/pension-withdrawal-tax-calculator): Estimate the emergency tax taken from a pension withdrawal or UFPLS, the tax actually due for 2026/27, the likely refund and which HMRC form to use. Not advice. - [Lowest-cost drawdown platforms by pot size and use (2026)](https://comparedrawdown.co.uk/lowest-cost-drawdown-platforms): Which UK drawdown platforms cost least at £50k, £100k, £250k and £500k, for flat fees, free withdrawals, ready-made portfolios and shares. Published rules, dated data. - [How to Switch Drawdown Provider Safely | UK Guide 2026](https://comparedrawdown.co.uk/switch-drawdown-provider): How to move a pension or drawdown plan to another provider: the steps, in-specie or cash transfers, exit fees, guarantees you could lose, and how to avoid scams. - [Choosing a Drawdown Provider: What to Check Beyond Price](https://comparedrawdown.co.uk/choosing-a-drawdown-provider): A checklist for comparing drawdown providers beyond the platform fee: withdrawal and UFPLS charges, minimum pot, ready-made options, beneficiary drawdown and cash. - [Advised Pension Drawdown Platforms Compared | UK 2026](https://comparedrawdown.co.uk/advised-drawdown): Compare the platform charges of 24 UK adviser platforms and products for drawdown — Transact, Quilter, Aberdeen, Nucleus, St James's Place and more — with an adviser's fee added, for your pot size. - [Drawdown Fee Changes 2026 | Provider Price Tracker](https://comparedrawdown.co.uk/fee-changes): A dated log of UK pension drawdown and SIPP fee changes, plus updates to our comparison data. Every provider change links to the provider's own announcement. - [Press & Media | Compare Drawdown Data and Comment](https://comparedrawdown.co.uk/press): Data, quotable statistics and expert comment on UK pension drawdown costs for journalists. Free to cite under CC BY 4.0. - [Privacy Policy | Compare Drawdown](https://comparedrawdown.co.uk/privacy-policy): How Compare Drawdown collects, uses and protects your personal data. GDPR-compliant privacy policy for our UK pension comparison service. - [Terms & Conditions | Compare Drawdown](https://comparedrawdown.co.uk/terms-conditions): Terms and conditions governing the use of Compare Drawdown, the UK pension drawdown comparison service. - [AJ Bell Drawdown Review 2026: Fees, SIPP and Service](https://comparedrawdown.co.uk/provider/aj-bell/review): Independent AJ Bell Youinvest review for pension drawdown. Platform fee 0.25%, 20,000+ investments, award-winning service. Updated 2026 analysis. - [Aegon Pension Drawdown Review 2026: Fees and Service](https://comparedrawdown.co.uk/provider/aegon/review): Comprehensive review of Aegon for pension drawdown 2026. Discover the reality behind multiple platforms and systemic service issues. - [Aviva Pension Drawdown Review 2026: Fees and Service](https://comparedrawdown.co.uk/provider/aviva/review): Comprehensive review of Aviva for pension drawdown 2026. Discover the truth behind adviser gold ratings and customer frustrations. - [Bestinvest Drawdown Review 2026: Fees and Free Coaching](https://comparedrawdown.co.uk/provider/bestinvest/review): Comprehensive review of Bestinvest for pension drawdown 2026. Discover if the free financial coaching justifies higher fees. - [Charles Stanley Drawdown Review 2026: Fees and Service](https://comparedrawdown.co.uk/provider/charles-stanley-direct/review): An in-depth, honest review of Charles Stanley Direct for pension drawdown 2026. Real user experiences reveal when their heritage and customer service excellence is worth the cost. - [Fidelity SIPP Drawdown Review 2026: Fees and Choice](https://comparedrawdown.co.uk/provider/fidelity/review): In-depth Fidelity review for pension drawdown 2026. Powerful research tools meet service concerns - complete analysis for engaged investors. - [Hargreaves Lansdown Drawdown Review 2026: Fees and Service](https://comparedrawdown.co.uk/provider/hargreaves-lansdown/review): Comprehensive review of Hargreaves Lansdown for pension drawdown 2026. Discover whether the UK's largest platform justifies its premium pricing. - [IG SIPP Drawdown Review 2026: Fees and Platform](https://comparedrawdown.co.uk/provider/ig/review): Comprehensive consolidated review of IG SIPP for pension drawdown 2026 from real users across Trustpilot, Which?, Reddit, and UK finance forums. - [Interactive Investor Drawdown Review 2026: Flat Fees](https://comparedrawdown.co.uk/provider/interactive-investor/review): Comprehensive review of Interactive Investor for pension drawdown 2026, consolidated from real users across the web. Covering costs, features, pros and cons for UK retirees. - [Legal & General Drawdown Review 2026: Fees and Funds](https://comparedrawdown.co.uk/provider/legal-and-general/review): In-depth Legal & General Pension Drawdown review. A simple Personal Pension (not a full SIPP) with a 0.25% service charge and four ready-made investment-pathway funds, from one of the UK's most established providers. - [Nutmeg Drawdown Review 2026: Simplicity at a Price](https://comparedrawdown.co.uk/provider/nutmeg/review): Comprehensive analytical review of Nutmeg robo-adviser platform. Examines fees, performance data, FOS complaints, operational issues, and suitability for pension drawdown. - [PensionBee Drawdown Review 2026: Fees and Simplicity](https://comparedrawdown.co.uk/provider/pensionbee/review): Comprehensive review of PensionBee for pension drawdown 2026. Discover if app-first simplicity delivers on its promise. - [Prudential Pension Drawdown Review 2026: Fees and Funds](https://comparedrawdown.co.uk/provider/prudential/review): Deep analytical review of Prudential's pension platform. Evidence-based assessment covering PruFund smoothing, fees, operational challenges, FOS cases, and performance data. - [Quilter Drawdown Review 2026: The Adviser Platform](https://comparedrawdown.co.uk/provider/quilter/review): In-depth review of Quilter for pension drawdown 2026. Understand the adviser-centric model, true costs, and whether this award-winning platform suits your retirement needs. - [Royal London Drawdown Review 2026: Adviser vs DIY](https://comparedrawdown.co.uk/provider/royal-london/review): Royal London Income Release review: Which? Recommended (75%), #1 adviser choice (29.3% share), but poor DIY experience. Complex fees, severe delays, sophisticated governance tools. - [Scottish Widows Drawdown Review 2026: Fees and Service](https://comparedrawdown.co.uk/provider/scottish-widows/review): Comprehensive review of Scottish Widows for pension drawdown 2026. Discover the truth behind the Lloyds Banking Group heritage and customer experiences. - [Standard Life Drawdown Review 2026: Fees and Service](https://comparedrawdown.co.uk/provider/standard-life/review): In-depth Standard Life drawdown review 2026 from real users. Nearly 200 years of heritage meets modern retirement - does the legacy deliver? - [St James's Place Drawdown Review 2026: Fees and Value](https://comparedrawdown.co.uk/provider/st-james-place/review): Comprehensive St. James's Place review combining 1M+ client experiences, FCA cases, and Reddit feedback. High fees (1.67%), exit charges removed 2025, but is the service worth it for pension drawdown? - [True Potential Drawdown Review 2026: Advice and Cost](https://comparedrawdown.co.uk/provider/true-potential/review): Honest True Potential review. Exceptional 4.9/5 rating and award-winning tech, but 0.90% platform + advice (~1.65% all-in) is far more than DIY platforms. Is the advice worth it? - [Vanguard SIPP Drawdown Review 2026: Low-Cost Analysis](https://comparedrawdown.co.uk/provider/vanguard/review): Independent Vanguard SIPP review for pension drawdown. Analysing fees (0.15% capped at £375), investment choice limitations, and withdrawal experience. Updated 2026. - [InvestEngine SIPP Review 2026: Fees and Drawdown](https://comparedrawdown.co.uk/provider/investengine/review): Sourced InvestEngine SIPP summary: official £0 account fee, Trustpilot score and Which? 2026 note. Guidance, not regulated advice. - [Barclays Direct Investing Review 2026: Fees](https://comparedrawdown.co.uk/provider/barclays/review): Sourced Barclays Direct Investing SIPP summary: official £0 customer fee and AJ Bell admin charges. Guidance, not regulated advice. - [EQi SIPP Review 2026: Fees and Drawdown](https://comparedrawdown.co.uk/provider/eqi/review): Sourced EQi SIPP summary: official subscription and admin charges plus the public Trustpilot listing. Guidance, not regulated advice. - [Moneybox Pension Review 2026: Fees and Access](https://comparedrawdown.co.uk/provider/moneybox/review): Sourced Moneybox pension summary: official service fees and the public Trustpilot listing. Guidance, not regulated advice. - [CMC Invest SIPP Review 2026: Fees and Access](https://comparedrawdown.co.uk/provider/cmc-invest/review): Sourced CMC Invest SIPP summary: official Premium-plan fee for SIPP access. Guidance, not regulated advice. - [Penfold Pension Review 2026: Fees and Drawdown](https://comparedrawdown.co.uk/provider/penfold/review): Sourced Penfold summary: official Default Plan fee from the Charges Guide and the public Trustpilot listing. Guidance, not regulated advice. - [Vanguard Drawdown: Fees, Funds & Features 2026](https://comparedrawdown.co.uk/provider/vanguard): Vanguard pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - [Interactive Investor Drawdown: Fees, Funds & Features 2026](https://comparedrawdown.co.uk/provider/interactive-investor): Interactive Investor pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - [AJ Bell Drawdown: Fees, Funds & Features 2026](https://comparedrawdown.co.uk/provider/aj-bell): AJ Bell Youinvest pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - [Hargreaves Lansdown Drawdown: Fees, Funds & Features 2026](https://comparedrawdown.co.uk/provider/hargreaves-lansdown): Hargreaves Lansdown pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - [Fidelity Drawdown: Fees, Funds & Features 2026](https://comparedrawdown.co.uk/provider/fidelity): Fidelity Personal Investing pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - [Bestinvest Drawdown: Fees, Funds & Features 2026](https://comparedrawdown.co.uk/provider/bestinvest): Bestinvest pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - [Charles Stanley Drawdown: Fees, Funds & Features 2026](https://comparedrawdown.co.uk/provider/charles-stanley-direct): Charles Stanley Direct pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - [PensionBee Drawdown: Fees, Funds & Features 2026](https://comparedrawdown.co.uk/provider/pensionbee): PensionBee pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - [Aegon Drawdown: Fees, Funds & Features 2026](https://comparedrawdown.co.uk/provider/aegon): Aegon pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - [Aviva Drawdown: Fees, Funds & Features 2026](https://comparedrawdown.co.uk/provider/aviva): Aviva pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - [Quilter Drawdown: Fees, Funds & Features 2026](https://comparedrawdown.co.uk/provider/quilter): Quilter pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - [Standard Life Drawdown: Fees, Funds & Features 2026](https://comparedrawdown.co.uk/provider/standard-life): Standard Life pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - [Scottish Widows Drawdown: Fees, Funds & Features 2026](https://comparedrawdown.co.uk/provider/scottish-widows): Scottish Widows pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - [IG Drawdown: Fees, Funds & Features 2026](https://comparedrawdown.co.uk/provider/ig): IG pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - [Legal & General Pension Drawdown | Fees & Features 2026](https://comparedrawdown.co.uk/provider/legal-and-general): L&G drawdown overview: published fees, funds and features compared with other UK platforms. Guidance, not advice. - [Prudential Drawdown: Fees, Funds & Features 2026](https://comparedrawdown.co.uk/provider/prudential): Prudential pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - [St James's Place Pension Drawdown | Fees & Features 2026](https://comparedrawdown.co.uk/provider/st-james-place): St James's Place drawdown: published fees, funds and features vs other UK platforms we track. Guidance, not advice. - [True Potential Drawdown: Fees, Funds & Features 2026](https://comparedrawdown.co.uk/provider/true-potential): True Potential pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - [Nutmeg Drawdown: Fees, Funds & Features 2026](https://comparedrawdown.co.uk/provider/nutmeg): Nutmeg pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - [Royal London Drawdown: Fees, Funds & Features 2026](https://comparedrawdown.co.uk/provider/royal-london): Royal London pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - [InvestEngine Drawdown: Fees, Funds & Features 2026](https://comparedrawdown.co.uk/provider/investengine): InvestEngine pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - [Barclays Drawdown: Fees, Funds & Features 2026](https://comparedrawdown.co.uk/provider/barclays): Barclays Direct Investing (formerly Smart Investor) pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - [EQi Drawdown: Fees, Funds & Features 2026](https://comparedrawdown.co.uk/provider/eqi): EQi pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - [Moneybox Drawdown: Fees, Funds & Features 2026](https://comparedrawdown.co.uk/provider/moneybox): Moneybox pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - [CMC Invest Drawdown: Fees, Funds & Features 2026](https://comparedrawdown.co.uk/provider/cmc-invest): CMC Invest pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - [Penfold Drawdown: Fees, Funds & Features 2026](https://comparedrawdown.co.uk/provider/penfold): Penfold pension drawdown hub: published platform fees, funds, features and official sources. Links through to the review and the fees-versus-market calculator. - [Vanguard Fees vs the UK Market 2026](https://comparedrawdown.co.uk/compare/vanguard): How Vanguard published drawdown fees compare against the UK SIPP platforms we track, for your pot size. Fee-versus-market calculator — not a brand overview. - [Interactive Investor Fees vs the UK Market 2026](https://comparedrawdown.co.uk/compare/interactive-investor): How Interactive Investor published drawdown fees compare against the UK SIPP platforms we track, for your pot size. Fee-versus-market calculator — not a brand overview. - [AJ Bell Fees vs the UK Market 2026](https://comparedrawdown.co.uk/compare/aj-bell): How AJ Bell Youinvest published drawdown fees compare against the UK SIPP platforms we track, for your pot size. Fee-versus-market calculator — not a brand overview. - [Hargreaves Lansdown Fees vs the UK Market 2026](https://comparedrawdown.co.uk/compare/hargreaves-lansdown): How Hargreaves Lansdown published drawdown fees compare against the UK SIPP platforms we track, for your pot size. Fee-versus-market calculator — not a brand overview. - [Fidelity Fees vs the UK Market 2026](https://comparedrawdown.co.uk/compare/fidelity): How Fidelity Personal Investing published drawdown fees compare against the UK SIPP platforms we track, for your pot size. Fee-versus-market calculator — not a brand overview. - [Bestinvest Fees vs the UK Market 2026](https://comparedrawdown.co.uk/compare/bestinvest): How Bestinvest published drawdown fees compare against the UK SIPP platforms we track, for your pot size. Fee-versus-market calculator — not a brand overview. - [Charles Stanley Fees vs the UK Market 2026](https://comparedrawdown.co.uk/compare/charles-stanley-direct): How Charles Stanley Direct published drawdown fees compare against the UK SIPP platforms we track, for your pot size. Fee-versus-market calculator — not a brand overview. - [PensionBee Fees vs the UK Market 2026](https://comparedrawdown.co.uk/compare/pensionbee): How PensionBee published drawdown fees compare against the UK SIPP platforms we track, for your pot size. Fee-versus-market calculator — not a brand overview. - [Aviva Fees vs the UK Market 2026](https://comparedrawdown.co.uk/compare/aviva): How Aviva published drawdown fees compare against the UK SIPP platforms we track, for your pot size. Fee-versus-market calculator — not a brand overview. - [Standard Life Fees vs the UK Market 2026](https://comparedrawdown.co.uk/compare/standard-life): How Standard Life published drawdown fees compare against the UK SIPP platforms we track, for your pot size. Fee-versus-market calculator — not a brand overview. - [Scottish Widows Fees vs the UK Market 2026](https://comparedrawdown.co.uk/compare/scottish-widows): How Scottish Widows published drawdown fees compare against the UK SIPP platforms we track, for your pot size. Fee-versus-market calculator — not a brand overview. - [IG Fees vs the UK Market 2026](https://comparedrawdown.co.uk/compare/ig): How IG published drawdown fees compare against the UK SIPP platforms we track, for your pot size. Fee-versus-market calculator — not a brand overview. - [Legal & General Fees vs the UK Market 2026](https://comparedrawdown.co.uk/compare/legal-and-general): How Legal & General published drawdown fees compare against the UK SIPP platforms we track, for your pot size. Fee-versus-market calculator — not a brand overview. - [Nutmeg Fees vs the UK Market 2026](https://comparedrawdown.co.uk/compare/nutmeg): How Nutmeg published drawdown fees compare against the UK SIPP platforms we track, for your pot size. Fee-versus-market calculator — not a brand overview. - [InvestEngine Fees vs the UK Market 2026](https://comparedrawdown.co.uk/compare/investengine): How InvestEngine published drawdown fees compare against the UK SIPP platforms we track, for your pot size. Fee-versus-market calculator — not a brand overview. - [Barclays Fees vs the UK Market 2026](https://comparedrawdown.co.uk/compare/barclays): How Barclays Direct Investing (formerly Smart Investor) published drawdown fees compare against the UK SIPP platforms we track, for your pot size. Fee-versus-market calculator — not a brand overview. - [EQi Fees vs the UK Market 2026](https://comparedrawdown.co.uk/compare/eqi): How EQi published drawdown fees compare against the UK SIPP platforms we track, for your pot size. Fee-versus-market calculator — not a brand overview. - [Moneybox Fees vs the UK Market 2026](https://comparedrawdown.co.uk/compare/moneybox): How Moneybox published drawdown fees compare against the UK SIPP platforms we track, for your pot size. Fee-versus-market calculator — not a brand overview. - [CMC Invest Fees vs the UK Market 2026](https://comparedrawdown.co.uk/compare/cmc-invest): How CMC Invest published drawdown fees compare against the UK SIPP platforms we track, for your pot size. Fee-versus-market calculator — not a brand overview. - [Penfold Fees vs the UK Market 2026](https://comparedrawdown.co.uk/compare/penfold): How Penfold published drawdown fees compare against the UK SIPP platforms we track, for your pot size. Fee-versus-market calculator — not a brand overview. - [Hargreaves Lansdown vs AJ Bell: Drawdown Fees 2026](https://comparedrawdown.co.uk/compare/hargreaves-lansdown-vs-aj-bell): Hargreaves Lansdown vs AJ Bell Youinvest for pension drawdown: side-by-side comparison of fees, features, funds and service. Which is better for your pension pot in 2026? - [Hargreaves Lansdown vs Vanguard: Drawdown Fees 2026](https://comparedrawdown.co.uk/compare/hargreaves-lansdown-vs-vanguard): Hargreaves Lansdown vs Vanguard for pension drawdown: side-by-side comparison of fees, features, funds and service. Which is better for your pension pot in 2026? - [Hargreaves Lansdown vs Fidelity: Drawdown Fees 2026](https://comparedrawdown.co.uk/compare/hargreaves-lansdown-vs-fidelity): Hargreaves Lansdown vs Fidelity Personal Investing for pension drawdown: side-by-side comparison of fees, features, funds and service. Which is better for your pension pot in 2026? - [AJ Bell vs Vanguard: Drawdown Fees 2026](https://comparedrawdown.co.uk/compare/aj-bell-vs-vanguard): AJ Bell Youinvest vs Vanguard for pension drawdown: side-by-side comparison of fees, features, funds and service. Which is better for your pension pot in 2026? - [Vanguard vs Fidelity: Drawdown Fees 2026](https://comparedrawdown.co.uk/compare/vanguard-vs-fidelity): Vanguard vs Fidelity Personal Investing for pension drawdown: side-by-side comparison of fees, features, funds and service. Which is better for your pension pot in 2026? - [Nutmeg vs Vanguard: Drawdown Fees 2026](https://comparedrawdown.co.uk/compare/nutmeg-vs-vanguard): Nutmeg vs Vanguard for pension drawdown: side-by-side comparison of fees, features, funds and service. Which is better for your pension pot in 2026? - [Hargreaves Lansdown vs Interactive Investor: Drawdown Fees 2026](https://comparedrawdown.co.uk/compare/hargreaves-lansdown-vs-interactive-investor): Hargreaves Lansdown vs Interactive Investor for pension drawdown: side-by-side comparison of fees, features, funds and service. Which is better for your pension pot in 2026? - [Hargreaves Lansdown vs Nutmeg: Drawdown Fees 2026](https://comparedrawdown.co.uk/compare/hargreaves-lansdown-vs-nutmeg): Hargreaves Lansdown vs Nutmeg for pension drawdown: side-by-side comparison of fees, features, funds and service. Which is better for your pension pot in 2026? - [Hargreaves Lansdown vs St James's Place: Drawdown Fees 2026](https://comparedrawdown.co.uk/compare/hargreaves-lansdown-vs-st-james-place): Hargreaves Lansdown vs St James's Place for pension drawdown: side-by-side comparison of fees, features, funds and service. Which is better for your pension pot in 2026? - [AJ Bell vs Interactive Investor: Drawdown Fees 2026](https://comparedrawdown.co.uk/compare/aj-bell-vs-interactive-investor): AJ Bell Youinvest vs Interactive Investor for pension drawdown: side-by-side comparison of fees, features, funds and service. Which is better for your pension pot in 2026? - [AJ Bell vs Fidelity: Drawdown Fees 2026](https://comparedrawdown.co.uk/compare/aj-bell-vs-fidelity): AJ Bell Youinvest vs Fidelity Personal Investing for pension drawdown: side-by-side comparison of fees, features, funds and service. Which is better for your pension pot in 2026? - [Aviva vs Legal & General: Drawdown Fees 2026](https://comparedrawdown.co.uk/compare/aviva-vs-legal-and-general): Aviva vs Legal & General for pension drawdown: side-by-side comparison of fees, features, funds and service. Which is better for your pension pot in 2026? - [Interactive Investor vs Vanguard: Drawdown Fees 2026](https://comparedrawdown.co.uk/compare/interactive-investor-vs-vanguard): Interactive Investor vs Vanguard for pension drawdown: side-by-side comparison of fees, features, funds and service. Which is better for your pension pot in 2026? - [IG vs Hargreaves Lansdown: Drawdown Fees 2026](https://comparedrawdown.co.uk/compare/ig-vs-hargreaves-lansdown): IG vs Hargreaves Lansdown for pension drawdown: side-by-side comparison of fees, features, funds and service. Which is better for your pension pot in 2026? - [PensionBee vs Vanguard: Drawdown Fees 2026](https://comparedrawdown.co.uk/compare/pensionbee-vs-vanguard): PensionBee vs Vanguard for pension drawdown: side-by-side comparison of fees, features, funds and service. Which is better for your pension pot in 2026? - [PensionBee vs Nutmeg: Drawdown Fees 2026](https://comparedrawdown.co.uk/compare/pensionbee-vs-nutmeg): PensionBee vs Nutmeg for pension drawdown: side-by-side comparison of fees, features, funds and service. Which is better for your pension pot in 2026? - [Standard Life vs Aviva: Drawdown Fees 2026](https://comparedrawdown.co.uk/compare/standard-life-vs-aviva): Standard Life vs Aviva for pension drawdown: side-by-side comparison of fees, features, funds and service. Which is better for your pension pot in 2026? - [Accumulation and income units | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/accumulation-and-income-units): Two versions of the same fund. Income units pay out dividends and interest as cash; accumulation units reinvest them automatically. In drawdown, some people… - [Ad-hoc withdrawal | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/ad-hoc-withdrawal): A one-off payment from a drawdown pot, as opposed to a regular income. - [Annual allowance | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/annual-allowance): The most that can be paid into your pensions in a tax year, by you and anyone else, before a tax charge applies: £60,000 for most people. - [Annuity | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/annuity): An insurance product that turns some or all of your pension into a guaranteed income, usually for life. - [Beneficiary drawdown | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/beneficiary-drawdown): When someone who inherits your pension keeps it invested and takes money from it as and when they need to, rather than taking it all as a lump sum. - [Capped drawdown | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/capped-drawdown): An older form of drawdown with a limit on how much income you can take each year. - [Carry forward | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/carry-forward): Using annual allowance you did not use in the previous three tax years, on top of this year's allowance, if you were a member of a registered pension scheme… - [Cash buffer | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/cash-buffer): Money kept in cash inside or alongside a drawdown pot to cover the next one to three years of withdrawals, so that investments do not have to be sold after… - [Cash interest | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/cash-interest): Interest earned on uninvested cash in your pension. Some platforms pass on most of it; others keep part of it as income. The FCA has been looking at this… - [Cash transfer | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/cash-transfer): Moving a pension to a new provider by selling the investments, sending the money as cash and buying new investments at the other end. - [Consumer Duty | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/consumer-duty): FCA rules that require regulated firms, including pension and platform providers, to act to deliver good outcomes for retail customers — covering price and… - [Crystallisation | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/crystallisation): The point at which you start taking benefits from part or all of your pension — for example by moving it into drawdown or buying an annuity. - [Dealing charge | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/dealing-charge): A fee each time you buy or sell an investment on a platform. - [Defined benefit (DB) pension | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/defined-benefit): A workplace pension that pays an income based on your salary and years of membership, such as a final salary or career average scheme. - [Defined contribution (DC) pension | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/defined-contribution): A pension where you build up a pot from contributions and investment growth, such as a SIPP, personal pension or most modern workplace pensions. - [Dependant's drawdown | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/dependants-drawdown): Drawdown taken by a dependant — for example a spouse, civil partner or child under 23 — from pension funds they inherit. - [Emergency tax | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/emergency-tax): When you first take taxable money from a pension, the provider often has no up-to-date tax code and applies an emergency code on a Month 1 basis, which can… - [Enhanced annuity | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/enhanced-annuity): An annuity that pays a higher income because a health condition or lifestyle factor, such as smoking or high blood pressure, is expected to shorten life… - [ETF | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/etf): A fund that trades on a stock exchange like a share, usually tracking an index. - [Exit fee | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/exit-fee): A charge for transferring your whole pension to another provider. - [Expression of wish | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/expression-of-wish): A form telling your pension scheme who you would like to receive your pension when you die. - [FCA Register | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/fca-register): The public record of firms and individuals the Financial Conduct Authority authorises. - [Financial Ombudsman Service | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/financial-ombudsman-service): A free, independent service that settles complaints between consumers and financial businesses, including platforms and advisers, when the firm has not… - [Fixed-term annuity | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/fixed-term-annuity): An annuity that pays a guaranteed income for a set number of years rather than for life, and may pay a lump sum at the end that can be used to buy another… - [Flat fee | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/flat-fee): A platform charge set in pounds rather than as a percentage of your pot, so it does not grow as your pot does. - [Flexi-access drawdown | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/flexi-access-drawdown): The standard way to take a flexible income from a defined contribution pension: the pot stays invested and you withdraw as much or as little as you choose. - [FSCS | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/fscs): The Financial Services Compensation Scheme, which can pay compensation if an authorised financial firm fails. - [Guaranteed annuity rate | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/guaranteed-annuity-rate): A promise in some older pension policies to convert your pot into an annuity at a fixed rate, often far higher than rates available today. - [Inflation risk | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/inflation-risk): The risk that rising prices reduce what your money can buy. A level income or cash savings lose buying power over time, which matters over a retirement that… - [Inheritance tax on pensions | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/inheritance-tax-on-pensions): Under Finance Act 2026, for deaths on or after 6 April 2027, most unused pension funds and death benefits count towards the value of an estate for… - [Investment fund | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/investment-fund): A pooled investment, such as a unit trust or OEIC, that spreads your money across many shares, bonds or other assets and is run by a fund manager or tracks… - [Investment pathways | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/investment-pathways): Four ready-made investment options that drawdown providers must offer to people who move into drawdown without advice, each linked to a plan for the money —… - [Investment trust | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/investment-trust): A company listed on the stock exchange that invests in other assets. - [Joint life annuity | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/joint-life-annuity): An annuity that keeps paying, often at a reduced rate, to your spouse or partner after you die. - [Lifestyling | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/lifestyling): An investment approach that automatically moves a pension into lower-risk assets as a set retirement date approaches. - [Longevity risk | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/longevity-risk): The risk of living longer than your money lasts. In drawdown you carry this risk yourself; an annuity passes it to an insurer. - [Lump Sum Allowance | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/lump-sum-allowance): The limit on the total tax-free cash most people can take from their pensions during their lifetime: £268,275, unless they hold a protection that gives a… - [Lump Sum and Death Benefit Allowance | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/lsdba): The limit, £1,073,100 for most people, on the total of tax-free lump sums taken in your lifetime plus certain tax-free lump sums paid on your death before… - [Marginal rate of tax | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/marginal-rate): The rate of income tax you pay on the next pound of income. Taxable pension withdrawals are added to your other income for the year, so a large withdrawal… - [Minimum pot size | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/minimum-pot): The smallest pension some providers will accept before you can open a plan or start drawdown. - [Money Purchase Annual Allowance | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/mpaa): Once you take taxable money from a defined contribution pension flexibly — such as a drawdown income or a UFPLS payment — the amount you can pay into… - [Month 1 basis | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/month-1-basis): A way of working out PAYE that treats each payment on its own, as if you were paid that amount every month: one-twelfth of the personal allowance and tax… - [Natural yield | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/natural-yield): The dividends and interest your investments pay out. Taking only the natural yield as income leaves the capital invested, although the amount paid can go… - [Nominee's drawdown | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/nominee-drawdown): Drawdown taken from an inherited pension by someone who is not a dependant but was nominated by the pension holder or chosen by the scheme — for example an… - [Normal minimum pension age | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/normal-minimum-pension-age): The earliest age you can usually take money from a personal pension: currently 55, rising to 57 from 6 April 2028, unless you have a protected pension age. - [Ongoing charges figure | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/ocf): The yearly cost of running a fund, expressed as a percentage and taken from the fund's value. - [Open market option | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/open-market-option): Your right to shop around for an annuity with any provider rather than taking the one your pension provider offers. - [P45 | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/p45): A form showing your tax code and the pay and tax to date in the current tax year. - [P50Z | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/p50z): The HMRC form to reclaim over-paid tax in the same tax year when you have emptied your pension pot, have stopped work and do not expect to go back, and have… - [P53Z | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/p53z): The HMRC form to reclaim over-paid tax in the same tax year when you have emptied your pension pot and have other taxable income, such as a salary or… - [P55 | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/p55): The HMRC form to reclaim over-paid tax in the same tax year after a flexible pension withdrawal that did not empty your pot, when you will not take any more… - [Pension commencement lump sum | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/pension-commencement-lump-sum): The tax-free lump sum you can normally take when you start drawing a pension — usually up to 25% of the amount you crystallise, within the Lump Sum Allowance. - [Pension death benefits | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/death-benefits): What happens to a defined contribution pension when you die. - [Pension freedoms | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/pension-freedoms): The rules in force since 6 April 2015 that let people aged 55 or over (57 from April 2028) take their defined contribution pension however they choose — as… - [Pension transfer | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/pension-transfer): Moving a pension from one provider or scheme to another, for example to consolidate old pots or to get lower charges or a better drawdown service. - [Pension Wise | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/pension-wise): Free, impartial guidance from MoneyHelper, backed by the government, about your options for taking a defined contribution pension. - [Pensions Ombudsman | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/pensions-ombudsman): A free, independent service that deals with complaints about how a pension scheme is run, such as delays or errors in paying benefits or making a transfer. - [Personal allowance | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/personal-allowance): The amount of income you can have each tax year before paying income tax: £12,570 for most people. - [Phased drawdown | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/phased-drawdown): Moving your pension into drawdown in stages rather than all at once, taking a slice of tax-free cash each time. - [Platform | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/platform): An online service that holds your investments, including a SIPP, and lets you buy, sell and manage them in one place. - [Platform fee | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/platform-fee): The yearly charge for holding your pension with a provider. It may be a percentage of your pot (often tiered or capped) or a flat £ fee. This is the main… - [Protected tax-free cash | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/protected-tax-free-cash): A right in some older pensions to take more than 25% as tax-free cash. - [Ready-made portfolio | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/ready-made-portfolio): A diversified set of investments chosen and managed for you, usually matched to a level of risk. - [Rebalancing | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/rebalancing): Selling some of what has grown and buying more of what has fallen to bring your investments back to the mix you chose. - [Recycling rule | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/recycling-rule): An HMRC rule that can treat tax-free cash as an unauthorised payment, with heavy tax charges, if it is used as a pre-planned step to increase pension… - [Regular income charge | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/income-payment-charge): A fee some providers charge for paying you a regular drawdown income, on top of the platform fee. - [Robo-adviser | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/robo-adviser): An online service that puts your money into a ready-made portfolio based on your answers to questions about risk and goals. - [Safeguarded benefits | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/safeguarded-benefits): Pension benefits other than money purchase or cash balance benefits, such as a defined benefit pension or a guaranteed annuity rate. - [ScamSmart | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/scamsmart): The FCA's campaign and online tools to help people spot and avoid investment and pension scams, including a Warning List of firms to avoid. - [Scottish income tax | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/scottish-income-tax): If you live in Scotland, your pension income and earnings are taxed at Scottish rates. - [Sequence of returns risk | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/sequence-of-returns-risk): 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… - [Serious ill-health lump sum | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/serious-ill-health-lump-sum): A payment of your whole pension as a lump sum when a doctor confirms you are expected to live less than a year. - [SIPP | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/sipp): A personal pension that lets you choose your own investments from a wide range, such as funds, ETFs, shares and investment trusts. - [Small pots lump sum | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/small-pots-lump-sum): A way to cash in a pension worth £10,000 or less in one go. You can take up to three from personal pensions in your lifetime; different limits apply to… - [State Pension age | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/state-pension-age): The age you can start getting the State Pension. It is rising from 66 to 67 for people born on or after 6 April 1960, and the law provides for a further… - [Successor's drawdown | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/successor-drawdown): Drawdown taken by someone who inherits a pension that was already inherited — for example a grandchild receiving what was left in a parent's nominee drawdown. - [Tapered annual allowance | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/tapered-annual-allowance): A reduced annual allowance for people with very high incomes. - [Targeted support | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/targeted-support): A form of help, allowed by the FCA from 6 April 2026, where authorised firms such as pension providers can suggest options designed for groups of customers… - [Tax code | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/tax-code): The code HMRC gives your employer or pension provider to work out how much tax to take. - [Tiered charge | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/tiered-charge): A percentage platform fee that falls on each slice of your pot above set thresholds — for example one rate on the first £250,000 and a lower rate on the rest. - [Transaction costs | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/transaction-costs): The costs a fund pays when it buys and sells investments, reported separately from the ongoing charges figure. - [Transfer in specie | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/transfer-in-specie): Moving a pension to a new provider without selling the investments, so they are re-registered rather than cashed in and you stay invested throughout. - [Trivial commutation lump sum | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/trivial-commutation): A way to take a small defined benefit or scheme pension as a one-off lump sum when the total value of your pension savings is £30,000 or less. - [UFPLS | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/ufpls): Taking a lump sum straight from a pension that has not yet been moved into drawdown. - [Withdrawal rate | Pension Drawdown Glossary](https://comparedrawdown.co.uk/glossary/withdrawal-rate): The share of your pot you take out each year. Higher rates raise the chance of running out of money; rules of thumb such as 3–4% are only a starting point… - [Blog](https://comparedrawdown.co.uk/blog): articles on drawdown, tax rules and retirement income. ## Regulatory - Compare Drawdown is a trading style of Arthur Browns Wealth Management Ltd (FCA No. 825843). - Comparison information only, not personal financial advice. The cheapest platform is not automatically the right one. - The value of investments can fall as well as rise and you may get back less than you invest. Tax rules can change. - FSCS protection may apply, subject to product type, firm status and compensation limits.