Hargreaves Lansdown

NEW Drawdown for
pension freedom

Make flexible withdrawals from your pension,
whilst keeping it invested

Updated 6 April - New pension changes

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Other terms for New Drawdown:

  • Flexible drawdown
  • Flexi access drawdown
  • Income drawdown

Important information - Please note drawdown is a more complex option than an annuity and if you make the wrong decisions you could run out of money. What you do with your pension is an important decision. Therefore, we strongly recommend you understand your options and check they are suitable for your circumstances: take appropriate advice or guidance if you are unsure. Our service is not personal advice. We offer a range of information to help and independent financial advice if requested. Alternatively, Pension Wise, the Government's new pension guidance service, provides a free impartial service to help you understand your options at retirement. It's available at www.pensionwise.gov.uk, by calling 030 0330 1001, or face to face.

New Drawdown - low-cost, flexible, accessible

New rules from 6 April gave investors greater freedom and control over how they access their pension from age 55. They can now withdraw as much or as little as they like, when they like.

For most people looking for a regular income this means choosing between an annuity or drawdown, or a combination of the two.

Annuities offer a secure income for life. Drawdown, by contrast, allows you to draw a variable income directly from your pension which stays invested. You choose where to invest and what income to take.

Drawdown offers more flexibility but also carries considerable risks. You could run out of money if you take too much out, you get the investment choices wrong, markets perform badly, or you live longer than expected, and if you invest without advice, the responsibility for these decisions rests with you. Find out more about drawdown and how it works »

To find out how much income you could take in drawdown, request your free personal drawdown illustration which will show you how withdrawals will affect your income and how investment performance can change your fund value over time, all with no obligation to proceed.

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Request your free guide to New Drawdown

Why our New Drawdown plan?

  • Low charges
    There is no drawdown set up fee, no transfer in fee and no charges for one-off or regular withdrawals, or for changing your income instructions. In fact, the only addition to our normal pension charges is an early closure fee for people who open and then close their account within a year. View our low charges, including annual management and dealing charges »
  • One of the UK's most trusted drawdown providers
    More investors choose Hargreaves Lansdown to manage their drawdown plan themselves (without advice) than any other provider, making us one of the UK's most trusted drawdown providers.*
  • Award-winning service

    We were awarded the Gold Standard for Retirement by an independent panel in 2014 and voted Best SIPP Provider by readers of What Investment for the past eight years running. In 2014 alone we won eight industry awards for our pension service.

  • Support if and when you need it
    Our drawdown specialists are on hand to answer any questions. There is no automated service, just friendly, professional support. We also offer a national team of Independent Financial Advisers and so if you ever need advice, we can provide that too.

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*Hargreaves Lansdown is the largest non-advised drawdown provider by number of clients (47 drawdown providers surveyed). Money Management survey September 2014.