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Guide to Drawdown

Guide to Drawdown

One of the most flexible ways to access your pension

Drawdown can be a great choice for your retirement. But with the flexibility of drawdown comes extra complexity - and risk. In this guide you’ll learn:

  • How you could take 25% of your pension tax-free, and leave the rest invested
  • The different ways to take an income from your pension
  • Why it's crucial to understand the risks of drawdown
  • How you could pass pension wealth to your loved ones free from inheritance tax
  • How to get started with drawdown
  • How to make the most of your tax-free cash

This guide is not personal advice.

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    This guide is not personal advice. If you're unsure, please seek advice. What you do with your pension is an important decision, which could be irreversible. Drawdown is a higher risk option than an annuity. You should check you're making the right decision for your circumstances and that you understand your options and the risks. Make sure you understand your options and check they are suitable for your circumstances: take appropriate advice or guidance if you are unsure.

    The Government's free Pension Wise service can help. It provides impartial guidance face-to-face, online or by phone - more on Pension Wise. If you choose to invest, remember that investments can go down as well as up in value, so you could get back less than you put in. Pension and tax rules can change, and their benefits depend on your circumstances.

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    One of the most flexible ways to access your pension

    Drawdown can be a great choice for your retirement. But with the flexibility of drawdown comes extra complexity - and risk. In this guide you’ll learn:

    • How you could take 25% of your pension tax-free, and leave the rest invested
    • The different ways to take an income from your pension
    • Why it's crucial to understand the risks of drawdown
    • How you could pass pension wealth to your loved ones free from inheritance tax
    • How to get started with drawdown
    • How to make the most of your tax-free cash

    This guide is not personal advice. If you're unsure, please seek advice. What you do with your pension is an important decision, which could be irreversible. Drawdown is a higher risk option than an annuity. You should check you're making the right decision for your circumstances and that you understand your options and the risks. Make sure you understand your options and check they are suitable for your circumstances: take appropriate advice or guidance if you are unsure.

    The Government's free Pension Wise service can help. It provides impartial guidance face-to-face, online or by phone - more on Pension Wise. If you choose to invest, remember that investments can go down as well as up in value, so you could get back less than you put in. Pension and tax rules can change, and their benefits depend on your circumstances.

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