Flexi-access drawdown allows you to use your pension pot to provide flexible withdrawals. Using flexi-access drawdown you can usually take up to 25% tax-free lump sum up front either in small chunks or in one go. Under HMRC rules, for every £1 you take as a tax-free lump sum, £3 is moved to a flexi-access drawdown account that we set up for you. Then each time you take money out of that account (either as lump sum withdrawals or a regular income) you may pay tax on the full amount of each lump sum. We’ll let you know when your regular income is running out.

Find out more about taking your tax-free lump sum up front with flexi-access drawdown