Already in drawdown?

Already in drawdown?

Your options – If you’re already in drawdown

If you have already moved your retirement savings into drawdown, you can:

  • Buy an annuity with your drawdown pot to receive a lifelong, secure income
  • Take a regular income or one-off withdrawals until your drawdown pot runs out
  • Simply leave your drawdown pot invested until you need it
  • Mix and match your retirement options and use some of your drawdown pot to buy an annuity and take a flexible, income from the rest of your drawdown pot.

A few things to think about

Tax-free cash – When you moved your retirement savings into drawdown, you would have had the opportunity to take your tax-free cash, so you won’t be able to take any more tax-free cash from your drawdown pot. But, if some of your retirement savings were not moved into drawdown, you will still be able to take tax-free cash from them.

Once it’s gone, it’s gone – Poor investment performance will reduce your drawdown pot. And, the more income and one-off withdrawals you take, the quicker your money will run out – and once it’s gone, it’s gone.

Convert to 'flexi-access drawdown' – You may have to convert your plan to ‘flexi-access drawdown’ to take the income you want. However, if you convert to flexi-access drawdown, the amount you can pay into other retirement savings plans may be limited. Speak to your adviser to see if this applies to you.

Approaching age 75? – Some plans will not let you remain in drawdown once you reach age 75. If you have one of these plans, and you want to remain in drawdown, you will have to transfer your plan to another company.

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