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Drawdown vs Lump Sums

Interested in taking a flexible pension income?

With both drawdown and lump sums to choose from, you might be wondering which one’s best for you. This is not personal advice but download our guide to learn:

  • The risks and benefits of each option
  • How income is taxed – with simple examples
  • How to make sure your essential costs are covered

Download your guide

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    This guide could help you to make your own informed decisions with confidence, but it’s not personal advice. Drawdown and lump sum withdrawals are higher risk options than an annuity (which provides a guaranteed income for life). The value of your investments can go down as well as up, so your income isn’t secure and you could get back less than you invest. Pension and tax rules can change, and their benefits will depend on your individual circumstances.

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    The information on our website is not personal advice but we can offer advice if specifically requested. What you do with your pension is an important decision, which could be irreversible. Drawdown is a more complex option than an annuity. 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.

    Interested in taking a flexible pension income?

    With both drawdown and lump sums to choose from, you might be wondering which one’s best for you. Download our guide to learn:

    • The risks and benefits of each option
    • How income is taxed – with simple examples
    • How to make sure your essential costs are covered

    This guide could help you to make your own informed decisions with confidence, but it’s not personal advice. Drawdown and lump sum withdrawals are higher risk options than an annuity (which provides a guaranteed income for life). The value of your investments can go down as well as up, so your income isn’t secure and you could get back less than you invest. Pension and tax rules can change, and their benefits will depend on your individual circumstances.

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