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What is pension drawdown & how does it work?

Pension Drawdown is a way of gaining a regular income during your retirement, but if you’re new to the term drawdown, need a refresher or are approaching retirement and starting to gather your options, then we have put together all the FAQs for your consideration to ensure you have everything you need to know.

Important information - The value of investments can go down as well as up, so you may get back less than you invest. The value of tax savings and eligibility to invest in a SIPP or Junior SIPP depends on personal circumstances and all tax rules may change in the future. The minimum age you can normally access your pension savings is currently 55, and is due to rise to 57 on 6 April 2028, unless you have a lower protected pension age.

What is Pension drawdown - the basics

What is pension drawdown?
How does pension drawdown work?

Managing your drawdown

How do I apply for drawdown?
How can I manage my pension drawdown account?
What happens if I die during drawdown?

Drawdown guide

Our guide has everything you need to help you weigh up the advantages and drawbacks of drawdown. It also outlines what support we offer - everything from guidance to personalised financial advice.

Call our retirement specialists

Our retirement specialists can help you understand drawdown and offer guidance or personalised advice. We're open 9am to 5pm, Monday to Friday.

Pension Wise

The government's Pension Wise service offers free, impartial guidance to help you understand your options at retirement. You can access the guidance online or over the telephone on 0800 138 3944.

Accessing your pension

When can I access my pension?
How much can I take from my pension?
Can I take my pension as a lump sum?
Can I continue with my pension contributions after I start drawdown?

Pension drawdown and tax

Is pension drawdown taxable?

Pension tools and calculators

How long will pension drawdown last?
How much income could I take from my pension?

Pension drawdown fees and charges

What are the pension drawdown charges?

Get some expert help

There are big decisions to make when you opt for drawdown, which is why we find many investors – even some of the most experienced ones – like to get some help.

Decisions about drawdown may seem complicated, but it’s important to get them right as they will affect your future income.

Fidelity's retirement service is able to provide both guidance and advice on your retirement options. The service we offer is based purely on helping you find the most appropriate solution for your personal circumstances.

You can call us on 0800 368 6882. We're open 9am to 5pm, Monday to Friday.

Fidelity's retirement service

Important information: This information and our guidance tools are not a personal recommendation for any particular product, service or course of action. Pension and retirement planning can be complex, so if you are unsure about the suitability of a pension investment, retirement service or any action you need to take, please contact Fidelity’s Retirement Service on 0800 368 6882 or refer to an authorised financial adviser.