Personal Pension Drawdown
55 or over? Access 25% tax-free cash from your pension pot and invest the rest, to use for a flexible drawdown income
What is Pension Drawdown?
Pension Drawdown lets you access 25% cash tax-free from your Defined Contribution pension pots and leave the rest invested, giving you the flexibility to choose how and when you withdraw the rest of the money.
Leaving your money invested gives it more chance to grow, though, as with any investment, there's a chance it could go down in value too.
If you're comfortable keeping some of your pension pot invested, and that you can manage your pension pot to make sure you have enough money in retirement, pension drawdown could be a good choice.
Pension Drawdown calculator
Our Pension Drawdown calculator helps you see how much income you could receive with pension drawdown, and allows you to compare this with the income you could receive from a pension annuity. You don't need to include any final salary pensions or your state pension.
Retirement income products compared
Guaranteed income (Pension Annuity) | Fixed Term Retirement Plan | Cash-Out Retirement Plan | Flexible income (Pension Drawdown) | |
---|---|---|---|---|
Can it provide a regular pension income? | Yes | Yes | Yes | Yes |
Can I choose a guaranteed income each month? | Yes | Yes | Yes | No |
Is my income guaranteed to last my whole life? | Yes | No | No | No |
Can I change how much I get? | No | No | No | Yes |
Am I exposed to market movements, up or down? | No | No | No | Yes |
Need some help?
Making well-informed decisions about how to finance your retirement is important so it’s worth shopping around and using available guidance and advice, before you buy:
Retirement guidance
Pension Wise from MoneyHelper
The government’s free and impartial service, offering guidance to make money and pension choices clearer.
To find out more or book an appointment online click below or call.
0800 138 3944
Monday to Friday 8am to 6.30pm.
Calls may be recorded and monitored.
Speak with us
Our colleagues in Cardiff are always happy to answer your questions or help you apply for a quote.
0808 189 9551
Monday to Friday 9am to 5pm.
We may record and monitor calls.
Retirement advice
Retirement Advice Service from Legal & General
Our advisers are experts in retirement regulated by the Financial Conduct Authority , so you can trust them to provide impartial advice and a personal recommendation that’s right for you.
0808 304 9386
Monday to Friday 9am and 5pm.
Calls may be monitored and recorded.