Pension drawdown guide
How flexi-access drawdown works, including tax, investment and running-out risks, MPAA triggers and practical withdrawal planning.
Last reviewed 4 September 2026
Frequently asked questions
Is drawdown income guaranteed?
No. The pot remains invested and can fall or run out.
Can I change from drawdown to an annuity?
Usually you can use remaining funds to buy an annuity later, but available rates and fund value will then apply.
Does drawdown trigger the MPAA?
Designation and tax-free cash alone normally do not; taking taxable flexible income generally does.